German oil and gas firm Wintershall today said its business agreements with Libya were valid despite a commercial disagreement that Libyan state oil company NOC has said it decreases production, Reuters reported
In an earlier time, NOC said that dispute has made Libya to lose 160,000 barrels per day from its oil production
“Our concession agreements with the State of Libya are still valid and in full force,” stated the German firm. “We are in contact with NOC about a number of issues.” It added
Wintershall said it was forced to shut in production from concession 96 on March 7 because it was not included in programs to put on board ships and sell crude oil at the Zueitina terminal in the central northern part of the country
This meant that, had it continued drilling, it would have carried production overheads while losing revenue, it said
From it is side, the NOC said in a statement that since 2014, Libya’s daily exportation of oil has reached to 800,000 barrels per day
The statement adds that Libya’s output could reach between 1.1 million and 1.2 million bpd if political obstacles were removed
“We are able to produce an average of 1.1 million to 1.2 million (bpd) over the rest of this year, but for this to happen our oil must flow freely. A national effort is required,” NOC Chairman Mustafa Sanalla said
