Eni S.p.A. (E)

[TheFinalCD]

Eni S.P.A. (NYSE:E) Today : Monday 10 October 2011
Libya is now producing 400,000 barrels of oil a day, a quarter of its prewar level, a figure that may rise above 600,000 barrels by year end, the country's oil chief said Monday, as the war-torn nation boosts output faster than expected.

Libya Reaches 400,000 B/D, May Be Over 600,000 B/D By Year End-Oil Head

In an interview, Nuri Berruien, chairman of the country's National Oil Company, said "we expect more than 600,000 barrels a day...hopefully" by year end.

Libya shut off most of its output after civil war erupted in February, lending upward pressure to oil prices. It only restarted significant production mid-September following the fall of Moammar Gadhafi the previous month.

Only two weeks ago, Mustafa Sanala, a deputy to Berruien, said the NOC could ramp up to 350,000 barrels a day by the end of October, though he added it could be more.

But Libya has boosted production faster than planned to 400,000 barrels a day, following a ramp up at fields from state-owned Arabian Gulf Oil Co. and a joint-venture with Italy's Eni SpA (E).

Some of the upcoming increase will come from the resumption of the giant Sharara field, which largest foreign partner is Spain's Repsol SA (REP).

Berruien confirmed he expects the resumption of production at the field by the end of October, starting at a level of close to 100,000 barrels a day. Production at field was over 300,000 barrels a day before the war.

-By Benoit Faucon, Dow Jones Newswires; [phone]; [e-mail]