Libya will export a million barrels of crude oil to New Zealand in December, according to S&P Global.
S&P Global, the world’s foremost provider of credit ratings, benchmarks and analytics in the global capital and commodity markets, said on Nov. 23 this is the first time for New Zealand, which mainly depends on the Middle East alongside Australia, Russia, Indonesia and Malaysia to meet its oil needs, to import Libyan crude in almost three years.
In October, Libya exported around a million barrels of crude oil to China and Australia.
Libya’s oil output has skyrocketed as the production of al-Wafa gas field increased to 70 million cubic feet along with the mass oil production expected from Bahr al-Salam project in the coming period, Chairman of the National Oil Corporation (NOC) Mustafa Sanalla said Sunday.
During his inspection at Sirte Oil Production Company (SOC) in Brega region of eastern Libya, Sanalla said the production of Bahr al-Salam project will reach around one billion cubic feet when new wells enter the production line.
Additionally, the Arabian Gulf Oil Company (AGOCO), a wholly-owned subsidiary of Libya’s National Oil Corporation (NOC), announced that two new oil wells at al- Naforah field, southeast Libya, have started production with an estimated capacity of 3,000 bpd.
A source from AGOCO said in a press statement that the company took over the operation management of both wells L2 and K3, located in the 51 concession.
The source added that the L2 well’s production capacity amounted to about 1,649 bpd, while the K3’s capacity reached 1,434 bpd.
