Libya’s biggest oil fields to reopen
OPEC state aims to double output
By Salma El Wardany and Saleh Sarrar, Bloomberg News

CAIRO — Libya is preparing this week to reopen two of its biggest oil fields and ship the first cargo from its largest export terminal in two years, as the war-torn OPEC state pursues plans to almost double crude output in 2017.

Repsol-operated Sharara, Libya’s largest oil field, and the El Feel, or Elephant, deposit run by Eni will soon start pumping crude to the Zawiya refinery and the Mellitah energy complex after pipelines reopened Wednesday, Mansur Abdullah, a refinery manager, said by phone.

The two fields have a combined output capacity of more than 450,000 barrels a day.

The tanker Seamusic is to arrive at the port of Es Sider on Friday to take on the first crude for overseas shipment from the terminal since 2014, Adnan Omran, general manager of Al Omran International Maritime Agencies, said. The vessel will load 630,000 barrels of crude and head for Italy, he said.

The tanker will load crude for Norway’s Statoil ASA on Friday, Libya’s Lana news agency reported Thursday.

Libya’s comeback will put more pressure on the Organization of Petroleum Exporting Countries and other major producers that agreed over the past two weeks to cut their output to rein in an oversupply and shore up prices. The North African nation, which was exempted from OPEC’s planned cuts because of its internal strife, is producing 600,000 barrels a day, less than half of the 1.6 million it pumped before a 2011 uprising.

Libya’s output shrank after international oil companies withdrew amid fighting between rival governments and militias. Libya is targeting output of 900,000 barrels a day by the end of 2016 and about 1.1 million barrels next year, Mustafa Sanalla, chairman of the National Oil Corp., said Nov. 16.