Libya boosted oil production to more than 1 million barrels a day, a milestone for the North African country after civil war all but shut its energy industry over the past 18 months.
The OPEC member, home to Africa’s largest crude reserves, ramped up production in the past six weeks amid a truce between rival military forces. It was pumping 800,000 barrels a day last week, and the state-run National Oil Corp. said Saturday that output now exceeds the million-barrel level. That’s the first time the landmark has been reached since early January 2020.
Libya was producing less than 100,000 barrels a day in early September 2020. The speed of Libya’s oil recovery is a “huge achievement,” the NOC said in a statement. Still, the company said it faces “very big financial difficulties,” which will make it tough to repair dilapidated and damaged oil facilities.
The NOC also warned it might not be able to sustain current levels of production because “some entities” were trying to hinger its efforts. While Libya’s warring sides are meeting this month to appoint a unity government, there’s still plenty of disagreement between them and no guarantee they’ll strike a permanent peace deal.
CSNK Energy has excellent links and contacts with a number of Libyan operators and has both an in-country team to assist in all your needs from logistics to travel agent and security. Feel free to get in touch to find out how we can help you with country entry and setup for success. We are seeing a bright future for Libya and it's Oil and Gas Industry, we will be posting upcoming Tenders and opporunities here ona monthly basis, so keep an eye out for these and other interesting news on Libya.