Libya seeks to increase oil output by 20 pct
Libya intends to increase oil production up to 1.7 million barrels per day by late 2013, Oil Minister Abdulbari Al-Arusi said, Libyan National Oil Company's website reported.
He said today oil production in the country is 1.4 million barrels per day which is insufficient. Libya's aim is to achieve a mark of production at 1.6 million barrels of oil per day in the current year which is a pre-revolutionary indicator of the country.
Libyan National Oil Company's report said earlier that in 2012, Libya exported 379.5 million barrels of oil.
During this period, much of Libya's oil was exported to Italy - 139.8 million barrels (36.8 per cent of the total exports), China - 48.2 million barrels (12 per cent) and France - 46.8 million barrels (11 per cent). About 52.6 million barrels were directed for needs of the Libyan domestic market.
Libya is eighth oil producer for production volume among the 12 member states of the Organisation of the Petroleum Exporting Countries (OPEC), and ranks third in Africa after Nigeria and Angola.
Libya's proven oil reserves amount to 45 billion barrels.
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