Libya’s oil output will reach 1.5 million barrels a day by mid-2012, according to the Chief Executive Officer of Total SA, Christophe de Margerie.
Total has been too pessimistic in its estimates of the Libyan oil industry’s recovery after the armed conflict in the North African country, he said today in Doha, Qatar. The Paris-based company wants to resume all production in Libya and to explore for new reserves there, de Margerie said.
Total’s production in Libya reached 170,000 barrels a day at the Murzuk oil field and 40,000 barrels a day at the Al Jurf field, he said. The company hasn’t resumed production at the Mabruk crude field, he said.
Libya, holder of Africa’s biggest oil reserves, is restoring production after output dropped to 45,000 barrels a day, from 1.6 million barrels, following the rebellion against then-leader Muammar Qaddafi broke out in February. The loss of exports contributed to a 20 percent increase in Brent crude prices earlier this year.
BP Plc Chief Executive Officer Robert Dudley and Peter Voser, CEO of Royal Dutch Shell Plc, said yesterday that they aim to resume exploration in Libya. Companies that were already producing in the North African state, such as Eni SpA, ConocoPhillips and Repsol YPF SA are poised to boost output.