Libya on track to reach 3 million barrels per day

[tabatha]

Libya’s oil industry has revived its oil production faster than many in the industry predicted after the eight-month civil war that damaged export terminals and left oil facilities looted. Officials of the transitional government expect to reach pre-war output of 1.6 million barrels per day (bpd) by the end of next month. At the centre of the push in reviving that capacity and potentially going for the 3 million bpd Libya pumped four decades ago is the country’s National Oil Corporation (NOC).

Can Libya get back up to 3 million bpd?
Yes, it’s possible. It depends on the policy of the Libyan government. But there are technical issues and economical issues and some other social issues and also infrastructure issues. Libya used to have 3 million barrels per day in the early ’70s. Then, due to bad management and a lack of investment and no re-exploration, the reservoirs were depleting very fast, and there was nobody renewing those reservoirs. So over maybe 15 years, there was no real investment in the oil – only just to keep it operating, but not real investment.

Also, we had many crises during the Qaddafi era. First we had the US sanctions in the ’80s, then we had the Lockerbie crisis. We had many because Libya was sponsoring terrorism at that time. For about 30 years it was not possible even to invite anybody to invest in Libya to do business because the environment was unstable.

http://www.thenational.ae/featured-content/channel-page/business/middle-article-list/libya-on-track-to-reach-3-million-barrels-per-day

[Bonobo]

1. You could almost come away thinking it was about oil and not human rights!

But that couldn't possibly be true...

[tabatha]

4. Human rights are better served if there is money being earned by the country.

One of the things that struck me about Riverbend's blog (Bush's Iraq invasion), was the post where she/he demonstrated with photos and facts that the Iraqis were completely capable of restoring the functioning of their oil production, as they did after the first Iraq war. Something that Bushco challenged, saying that Iraqis could not do it themselves.

Here, Libya has done it on its own. Good for them!

And since Gaddafi had not developed any other major revenue industries, it is important for Libyans to restart the generating of revenue from oil, otherwise the human right to live in health and dignity for all Libyans would be in jeopardy.

But of course, twisting anything to suit one's preconceived notions is the habit of some - mostly Faux by my experience

[Bonobo]

5. It is not generally the case that a ME country that reaps large profits

shares them equitably with the common folk. Perhaps the Libyans will show the will to do so.

[tabatha]

7. See post #6

[Arctic Dave]

2. I never heard of a "renewable" reservoir.

Not sure how this would help the people of Libya but it helps the western countries.

Edit:

Sounds like western oil corporations are starting a PR push to take over Libyan oilfields.
Libya had investment and technical capability when MG was in power, he just took the lions share for Libya and not the multinational oil corporations and we know that's not allowed, now do we.

[tabatha]

3. Where in the article does it mention western oil corporations?

Last edited Thu May 24, 2012, 09:32 AM - Edit history (1)

Libya, like any country, wants to increase revenue in the short term (there is a lot of war damage to repair, and people need to be paid better than under Gadaffi), but are well aware of the fact that they need to diversify from just oil revenue, in the long term.

Edit
"Libya had investment and technical capability when MG was in power, he just took the lions share for Libya and not the multinational oil corporations and we know that's not allowed, now do we."

What a load of unsupported garbage. The oil revenue will be going to Libyans now - not Gaddafi and not the multinationals. If you have any valid data to support your lying hype, then please provide it.

I also find you "now do we" very condescending, particularly as it it based on non-fact.

[Arctic Dave]

9. Libyan oil production was one of the highest

taxed in the world. Do you not remember this conversation we had already? You lost that debate.

[tabatha]

6. Are you aware of the fact that Gaddafi was the richest man in the world....

At $200 billion?

Where did the money come from ? Libyan oil.
Did Libyans see much of that oil revenue? No.

If you are going to blame multinationals for taking Libya's oil revenue - they are not, because the oil production companies are the same as they were before Gaddafi was ousted - then how about blaming Gaddafi for taking the bulk of Libya's oil revenue - which is documented fact.

"Libya had investment and technical capability when MG was in power" Please provide the evidence.

And if he did, why did he not do so - instead of funding terrorist organizations and pocketing most of the rest himself. Do you know that his kids spent about $2 million a month each.

But, we are allowed to criticize US millionaires who give themselves huge bonuses while paying their employees very little, but for Gaddafi to do the same is OK.

What you seem to miss is the following - the corruption of money ALL over the world, no matter the religion or color of skin, where many people like to hog the wealth of the country for themselves and care nothing for the masses. What is happening in the US today, is trending Gaddafi and Assad. Except, Libya got rid of Gaddafi, and now have a chance for a decent life. The state paid salaries have already been increased by the NTC.

Next stop, the ouster of Assad.

[Arctic Dave]

8. All that will change is the bulk of the money will

gowill go to the multinationals, change thief for another.

As for proof of technical help look up Total, Schlumberger, Shell, Petrofina, etc. they all had some kind of asset or another in Libya. Not to mention hundreds of contractors, much like one of our materials coordinator, who did a year over there.

As for finding terrorist maybe you should sit down for a few hours and go over the US defense budget and see who funds more terrorism.


If you you weren't such a lackey your post would seem almost comical when it comes to oilfield knowledge, unfortunately, you are by all appearances, a well funded cheerleader for military interventionism.