Research and Markets has announced the addition of GlobalData's new report "Oil Production in Libya is Likely to Reach Pre-War Levels by Mid 2012" to their offering.
“Oil Production in Libya is Likely to Reach Pre-War Levels by Mid 2012”
Civil unrest and the ensuing international military intervention in Libya had crippled oil production in the country in 2011. The country's oil output declined from 1.6 million barrels per day (MMbpd) in January 2011 to 45 thousand barrels per day (Mbpd) by the end of the war in October 2011. Initial estimates suggested that it will take at least a year for the country to bring back the production to pre-war levels. However, the country is witnessing a rapid recovery in oil production as the foreign companies restarted their operations in the country soon after the war. The country's oil output rose from 45 Mbpd at the end of the war to about one MMbpd in January 2012.
Libya's NOC, Agoco, anticipates reaching pre-war production levels by the end of February. Several foreign companies are also planning to bring the expatriate oil workers they had evacuated during the war back to Libya. The return of this manpower is considered crucial for carrying out the specialized repair works needed to help bring the country's production back to pre-war levels.
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