TRIPOLI (Reuters) - Libya will seek to increase its oil output quota in the Organization of the Petroleum Exporting Countries, Oil Minister Abdelbari al-Arusi said on Monday.
OPEC dropped individual allocations in 2011 when it adopted a 30-million-bpd output target. But with production rising in Libya and Iraq the issue of quotas may need to be addressed at some stage.
Libya's last output target, under a 2008 deal where quotas were not issued publicly, was 1.47 million bpd. Al-Arusi said that current Libyan oil production stood at around 1.5 million barrels per day.
"We will ask to increase our production quota," Arusi said at the Oil and Gas Summit 2013 in Tripoli, without giving further details.
Deputy Oil Minister Omar Shakmak said last week that Libya aimed for an average 1.5 million bpd output this year and 1.7 million bpd from the third quarter.
Arusi also said Libya, with Africa's largest reserves, would offer new exploration concessions but did not give a time frame.
"We are determined to have new concessions after the necessary studies are done," he added.
The minister previously said the country would review its Exploration and Production Sharing Agreements (EPSA). The terms of its last licensing round, under the so-called EPSA IV contracts, were deemed very stringent and many foreign oil companies complained.
Source: http://news.yahoo.com/libya-seeks-higher-opec-quota-output-1-5-090309413--finance.html
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