Tuesday 25 September 2012

Libya targets oil output rise, no new deals for a year | Reuters

Libya aims to raise its oil production to 1.8 million barrels per day (bpd) next year, overtaking the output before last year's war, as it banks on the return of foreign companies even though security in the country remains precarious.

But no new exploration and production contracts are expected for at least a year before a clearer landscape emerges in the North African producer's democratic transition after the war that ousted ruler Muammar Gaddafi.

Oil output has returned close to pre-war levels of around 1.6 million bpd from a virtual standstill during the fighting.

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