Mistreated since the fall of the regime of Muammar Gaddafi in 2011, with the persistence of clashes around the oil basins, Libya’s production is gradually regaining color. This will make it possible to better cope with the current financial difficulties.
In an interview with TRT Arabi TV station on March 3, CEO of the Libyan Oil Company (NOC), Mustafa Sanalla said national oil production has passed the 1.3 million barrels per day mark. An important step in the project which consists in returning to the pre-war level which was 1.6 million barrels per day.
According to the official, despite the difficulties encountered over the past 10 years to ensure security around the fields and sustain production, the Libyan oil sector has always been destined to achieve great performance, thanks to the immense reserves and its legal framework.
“One of the reasons for the rapid resumption of oil production is the strong institutional management of the NOC, which results from the oil code established by the founding fathers. The petroleum code promulgated in 1955 is one of the oldest in the world. Sanalla said.
The NOC boss expects Libya’s oil production to continue to rise, but this will require more funding, security and stability. In this regard, things should improve gradually with the agreement recently signed between the protagonists to calm the situation in the country and the support of the international community.
The oil sector in Libya constitutes 97% of public revenues in foreign currency.
Source Ecofin Agency