Libya’s NOC, Wintershall Agree To Resume 160,000 Bpd Output

15 Jun 2017   Libya

Libya’s National Oil Corporation (NOC) said on Tuesday that it had reached an interim deal with Germany’s Wintershall to immediately resume production in concession areas and related fields, which would unblock 160,000 bpd worth of production that has been shut-in for most of the past two years over a dispute between the companies. “This shutdown was enormously costly to Libya. I hope we can now get on with the business of meeting our oil production targets without interruptions,” NOC chairman Mustafa Sanalla said in the statement. Last month, Sanalla said that a commercial dispute between Libya and Wintershall had shut in more than 160,000 bpd of output, costing the country nearly US$250 million monthly. “ We would be producing almost 1 million bpd if it were not for Wintershall’s refusal to implement terms it agreed to in 2010,” NOC’s chairman noted in a press release back then. According to […]

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