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Libyan oil output hits 500,000 bpd mark

LIBYA LIBYAN crude oil output has continued to rise Citing tanker tracking data, the news agency
over the last week, reaching levels not seen in said that the country had exported 385,000 bpd
months. in the first two weeks of October, up from the
Total production reached 500,000 barrels September full-month figure of 213,000 bpd.
per day as of October 16, anonymous sources Some of the exports consist of oil withdrawn
told Bloomberg late last week. This is more than from storage tanks at Brega and other terminals,
50% of the way back to 900,000-950,000 bpd, it noted. It also cited loading programmes as say-
the range that prevailed before January 18, when ing that NOC was slated to load some 630,000
Khalifa Haftar’s Libyan National Army (LNA) barrels of crude onto the Aegean Nobility tanker
and its allies imposed a blockade on much of the at Zawiya before the end of October. The Zawiya
country’s oil infrastructure. terminal handles production from the Sharara
More than 20% of production is now com- field, it said.
ing from Sharara, the North African state’s In related news, Reuters reported on October
largest oilfield, according to two sources with 19 that another Libyan field was close to resum-
knowledge of the matter. The sources reported ing production. Abu Attifel is slated to come
that Sharara’s operator – Akakus, a subsidiary back on stream on October 24, it said, citing two
of National Oil Corp. (NOC) – was extract- engineers working at the site.
ing around 110,000 bpd. (The field is capable Output has continued to rise even as LNA,
of yielding 300,000 bpd but has been ramping based in Benghazi, and the UN-backed Gov-
outback back up slowly since it came back on ernment of National Accord (GNA), based in
stream earlier this month.) Tripoli, have kept mum about the status of peace
Meanwhile, other NOC subsidiaries are talks. Haftar has said on September 18 that his
reporting similar successes. Citing separate forces were only prepared to lift the blockade on
sources, Bloomberg reported that Arabian Gulf NOC’s oilfields until October 18. ™
Co. (Agoco) was producing 257,000 bpd from
Messla and other assets in eastern Libya, while
Sirte Oil Co. was producing 76,000 bpd for
delivery to the coastal export terminal at Brega.
The news agency also said that Mellitah Oil
Co. was extracting 100,000 bpd and was likely
to see output rise even more in the near future.
The company’s main asset is El Feel, a site capa-
ble of producing 70,000 bpd. El Feel depends
on power stations that also deliver electricity
to Akakus, so the resumption of development
operations at Sharara is probably a positive sign.
Libya has also succeeded in raising export
volumes this month, Bloomberg reported. El Feel may resume oil production soon (Photo: AddressLibya.com)

Gabon sees oil output sinking

slightly in next fiscal year

GABON GABON’S government is reviewing a budget figure of $57 per barrel.
bill that anticipates a decline in domestic crude According to press reports, the government
oil production. The bill sets the target for oil out- is basing its forecasts on the expectation that the
put in the next fiscal year at 10.5mn tonnes, or country will continue to be subject to produc-
around 210,000 barrels per day. This is around tion quotas (and cuts) under the OPEC+ agree-
10,000 bpd, or 4.55% below the 2019 average of ment. Nevertheless, Agence Ecofin noted that
220,000 bpd. Gabon’s crude output has been sliding down-
The proposed budget also assumes that wards for some time, owing to the maturing of
crude oil prices will average $41 per barrel in large fields and inadequate investment in explo-
2021. This is about 28% below the initial 2020 ration and production.

Week 42 21•October•2020 www. NEWSBASE .com P15