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Libya to Boost its Production to 3mln bpd by 2012

07-02-2007

The Libyan government has been seeking to sign deal with major international oil companies, as the North African country seeks to boost its output capacity from 1.6 million barrels per day (bpd) to three million bpd by the year 2012.

According to business analysts, the country, a member of the Organization of Petroleum Exporting Countries (OPEC), is eyeing the majors as they have the cash and expertise to handle big integrated ventures, and possibly because they are perceived to have political clout.

Under the deal signed between BP and Libya's National Oil Corp, BP will drill 17 exploration wells across 54,000 square kilometers with an initial exploration budget of $900 million.

Libya has held three oil exploration rounds since the end of Western sanctions, awarding permits to US, European and Asian firms in one of the world's last under-explored oil regions.