Libya must find more oil to raise output beyond 2010

Libya must find more oil reserves because it has already produced nearly half of its discovered reserves to date, and countries historically have difficulty maintaining stable production once depletion exceeds 60%, said a senior director of Washington, DC-based PFC Energy."Libya will be able to ramp up [its oil production] to 1.8 million b/d through the end of the decade," said Michael Rodgers, a member of PFC Energy's upstream group. Beyond 2010, however, Libya must find more reserves in order to maintain or grow production, he added.His comments were made June 8 during a breakfast for energy executives in Houston sponsored in part by Vinson & Elkins LLP.Steven R. Butler, Libya desk ...

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