Libya Oil Boss Sees Output Jump as BP, Eni May Re-Start Soon
- Production exceeds 1 million barrels a day: NOC chairman
- ‘No question’ big oil has more risk appetite: analyst Brower
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BP Plc and Eni SpA could re-start work on a project in Libya in the first quarter next year, setting the stage for the OPEC member to boost production by “hundreds of thousands of barrels” a day, the head of the country’s state oil company said.
Crude production in the North African nation is averaging “well above 1 million barrels a day despite local security challenges,” National Oil Corp. Chairman Mustafa Sanalla said over the weekend in a written response to questions. He expects BP and Eni to resume exploratory drilling near the Tunisian border in the first quarter. The companies, which reached an agreement on Oct. 8, could “fast-track” to production thanks to existing facilities in the area, he said.