Libyan oil production moves higher for Hess Corp.

Catogory : Market Report

Total production from OPEC-member Libya improved more than 400 percent compared with the same period last year. Production from Libyan assets during the first quarter of the year expanded exponentially from last year’s levels, U.S. Energy Company Hess Corp. said.

Hess reported net production from its assets outside Libya was around 233,000 barrels of oil equivalent per day, down from the 307,000 barrels of oil equivalent per day from the same period last year. The downturn was in part because of divestments last year and downtime at a facility in the U.S. waters of the Gulf of Mexico.

“Libya net production was 22,000 boe per day in the first quarter of 2018, compared to 4,000 barrels of oil equivalent per day in the prior-year quarter.

Libya hopes to reach output of 2.1 million bpd in four or five years, the targets outlined by Sanallah are broadly in line with previously stated production goals.

Fourth quarter production from Libya for Hess was around 18,000 barrels per day, signaling Libya may be recovering after years of civil conflict. Libya, nevertheless, continues to cope with production challenges.