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Recovery coming for Libyan refining sector

January 12/2018

MOSCOW (MRC) -- The dramatic recovery of Libya’s oil production sector was one of 2017’s most notable developments, said Yourpetrochemicalnews.

The years of debilitating civil conflict following the Muammar Ghadaffi era had destroyed the country’s crude oil output capability, leading to severe loss of foreign exchange earnings and questions over Libya’s future as a credible oil market player. What a difference a year can make.

Libyan crude oil output leapt to 962,000 bpd in October 2017, up from 390,000 bpd in 2016, and is poised to surpass 1 million bpd in 2018. With crude oil prices recovering as well, the impact on Libyan finances has been equally dramatic.

The achievement is striking, and has earned Libya’s National Oil Co. (NOC) plaudits, and its mercurial chairman, Mustafa A Bulgasm Sanalla, the coveted Petroleum Economist’s CEO of the Year award for 2017. Libya’s gas production also made great strides in 2017, with first gas from the Bouri field. Italian firm Eni’s Bahr Essalam concession is expected to follow suit and deliver first output in 2018.

The optimistic backdrop has started to support external operators’ confidence in Libya’s progress back to normality.

Germany’s Siemens gave a clear sign of growing investor confidence with contracts to build two gas-fired plants for power utility General Electric Company of Libya (GECOL), adding 1,300 MW of new capacity to Libya’s power generation fleet.

The success in bringing the oil and gas sectors back on to an even keel has added stability to feedstock supplies, and has had the added benefit of improving the investment climate for foreign companies, and rehabilitation work needed to repair any damaged infrastructure can now be offered to overseas contactors with some confidence.


mrcplast.com
Author:Anna Larionova
Tags:petroleum products, petrochemistry, Crude oil.
Category:General News
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