Libya Oil and Gas Report Q1 2013 announces gas output is forecast to increase from an estimate of 12.0bcm in 2012 to 18.0bcm
Friday, Jan 18, 2013
Research and Markets (http://www.researchandmarkets.com/research/5cpwzp/libya_oil_and_gas) has announced the addition of the "Libya Oil and Gas Report Q1 2013" report to their offering.
“Libya Oil and Gas Report Q1 2013”
Oil and gas production is expected to have bounced back strongly in 2012, despite the obvious political risks associated with Libya's transition to a new democratic government. Over the longer term, both oil and gas volumes are likely to increase beyond pre-war levels as new investment flows into under-explored areas - especially the offshore Sirte Basin. However, the author notes an eruption of regional tensions under a still fragile government could destabilise upstream growth.
The key trends and developments in Libya's oil & gas sector are:
- The author estimates total liquids production of 1.62mn barrels per day (b/d) in 2012, rising to 1.77mn b/d in 2016 and 1.85mn b/d by 2021.
- International investment is also a big unknown. Foreign suitors are likely to be attracted by Libya's vast oil and gas reserves, which stood at an estimated at 46.4bn barrels (bbl) and 1.56trn cubic metres (tcm) respectively in 2011.
- Before the civil war, there was some 378,000b/d of refining capacity in Libya (according to BMI's Downstream Projects Database). Throughput has been well below this level in H112 because the country's 220,000b/d Ras Lanuf facility remained shut-in until late August 2012.
Forecasts point to a gradual restoration of refinery utilisation, with 2013 set for a return to pre-war levels.
Source: Business Wire
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