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Libyan oil production close to 700,000 barrels – reportsThursday, 17 November 2011
Libya's oil production is close to 700,000 barrels a day, a top official said Thursday, just a week after the country's interim oil minister predicted the threshold would be reached by the end of the year.
The development underscores how the pace of recorvery in Libyan oil production has taken aback even the country's most senior oil officials.
Speaking to Dow Jones Newswires, Omar Shakmak, a deputy to interim Oil and Finance Minister Ali Tarhouni, said the country is now producing "around 700,000 barrels a day, 650,000 to 670,000" barrels a day
AdvertisementLast Thursday, Tarhouni had said oil production should reach 700,000 barrels a day by the end of the year--nearly half of prewar production--after resuming following the toppling of Col. Moammar Gadhafi.
But since the minister spoke, the giant Elephant field, which is partly owned by Eni SpA (E), has restarted production, while Sharara, where Repsol YPF SA (REP) has a stake, has continued boosting output.
Source: Dowjones Newswire
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