Libya wants to increase its oil production to 2 million barrels per day against 1.2 currently

On Aug. 7, Libyan Oil and Gas Minister Aoun announced that the country’s crude oil production had exceeded 1.2 million barrels per day (bpd). In statements to the press, the minister clarified that this overrun is linked to the government’s decision to replace the former president of the NOC, Mr. Sanalla, on July 12, 2022.

An agreement between the authorities, protesters and tribal leaders has been reached and has made it possible to peacefully restart production and exports after months of stoppage following the implementation of a state of “force majeure” in April . Now, Libya’s largest oil field, El Sharara, with a production capacity of 300,000 barrels per day, is reaching a production level of around 180,000 bpd.

A meeting was held on August 9 in Tripoli with, among others, the Head of the Presidential Council, Mr. Menfi, the Prime Minister of the GUN, A. Dbeiba, the Governor of the Central Bank, S. Al-Kabir, the Minister of Petroleum and Gas, Mr. Aoun, and the new president of the NOC, F. Bengdara. The agenda of the meeting was the implementation of the extraordinary budget of 34.3 billion LYD granted to the NOC and the implementation of a plan aimed at increasing oil production in Libya to 2 million barrels per day.

The leaders finally decided on an optimization of the governance of the company: steps will be put in place to supervise the investment of the extraordinary budget granted to the NOC and to measure its impact on oil production.

Source : Embassy of France in Tunisia