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FINANCIAL NEWS
Libyan oil production below 400k bpd
20 Mar 2011
(MENAFN) Libya’s National Oil Corp’s chairman, Shokri Ghanem, said that total oil production in the country decreased from 1.6 million barrel per day (bpd) to less than 400,000 bpd due to foreign companies evacuating their staff from oil locations and plants, reported Arabian Oil and Gas.
Ghanem said that the evacuation of foreign staff took its toll on the country’s overall production because the companies that conduct the majority of oil exploration and drilling are foreign,
Ghanem on the other hand confirmed that the country would still abide by its agreements with oil and gas companies regardless of the political unrest that took over the country recently.
In response to foreign companies evacuating staff from Libya, and out of concern that this might suspend all oil production in the country, Libya is studying alternative production options in cooperation with China, Brazil and India.
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