shokri ghanem says libyan oil production expected to reach 2 mbd in 2008

Dr. Ghanem Says Libyan Oil Production Expected to Reach 2 mbd in 2008

05-27-2008

Libya's oil production will top around 3 million barrels a day by 2012 according to Chairman of the Steering Committee of the National Oil Corporation of Libya, Dr. Shukri Ghanem, who said production, is expected to reach 2 million by the end of this year.

"The Jamahiriya (Libya) is producing 3 billion Cubic meters of gas daily which is seeking to double by 2012-2013 to 7 billion, Ghanem told reporters following the signing of an agreement for exploration and sharing between the National Oil Corporation and a consortium of Algerian Sonatrach and two Indian companies in Tripoli on Monday.

Ghanem highlighted the oil prospects which he termed as promising. He said the corporation has investment principles, total transparency and non-distinction between oil companies.

The National Oil Corporation plan for oil and gas sector will lead to a significant increase in production achieved by local effort and with the help from partners in Algeria and others.