Libyan oil output hits 600,000 bpd

barrel saudi-troy stoi sxc optControl of North African OPEC producer’s crude revenues is at the centre of a battle between the two rival governments and their armed forces which have emerged four years after the fall of Muammar Gaddafi. (Image source: Troy Stoi/sxc.hu)Libya’s state-owned firm Arabian Gulf Oil Company (AGOCO) crude production has hit 317,000 bpd, the highest in the last two years, the company’s spokesperson revealed

With this, the North African country in total produces around 600,000 bpd. However, the output is less than half the 1.6mn bpd it produced in 2011.

According to Reuters, several oil ports and major fields in the country have been closed due to the ongoing clashes but the two biggest ports — Ras Lanuf and Es Sider — with a combined capacity of 600,000 bpd may open soon.

Meanwhile, Libya’s gas production hit over 56.6mn cu/m per day in the last week of March 2015, Reuters reported.

Prime Minister Abdullah al-Thinni said that his government would run its own oil sales and deposit revenues abroad in a bid to divert proceeds away from a rival self-declared administration in capital Tripoli.

But the Tripoli-based National Oil Company (NOC) still handles all oil sales and revenues, and AGOCO — although located in eastern Libya — is an NOC subsidiary, industry sources noted.

A source from Brega oil port near Benghazi said recently that the port and Sirte Oil Company, located nearby, have been shut due to protests. The port is used mainly for crude shipments to the refinery in Zawiya.

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