(Author: Libyan Gazette Editorial Staff)
On Monday, the Arabian Gulf Oil Company (AGOCO) reported that its oil production has increased from 290,000 barrels per day last week to 320,000 bpd.
According to Omran al-Zwai, a spokesman from AGOCO, production at Sarir oil field increased to about 200,000 bpd and Nafoura oil field had an increase of 29,000 bpd. AGOCO is likely to reach its production target by 350,000 bpd by the end of the year if Bayda resumes production, said Al-Zwai.
AGOCO, which operates under the authority of Libya’s National Oil Corporation (NOC), had a brief setback after General Khalifa Haftar forcefully took over oil facilities in Libya’s oil crescent region. The NOC was able to negotiate with Haftar to reopen the oil facilities, with production almost doubling since.