Hydrocarbon revenues for 2022 are expected to reach USD 37 billion, a record level since 2013. In a context of rising oil and gas prices, a 36% increase in revenues is expected in 2022 compared to 2021, while the average production fell from 1.18 mb/d to 1.02 mb/d due to the three months of oil blockade between April and July 2022.
These forecasts assume that the current production level will be maintained until the end of the year, around 1.2 mb/d; an optimistic scenario given the many uncertainties that weigh on Libyan oil production. Libyan stallion Es Sider averaged around USD 106 a barrel in the first nine months of the year, up 60% year-on-year.
While oil prices have weakened since July, current levels above USD 90 per barrel should, if they continue, allow Libya to exceed USD 100 per barrel on average this year, the highest level since 2013.
NOC develops important new international agreements
During an interview on the sidelines of the ADIPEC forum in Abu Dhabi, NOC Chairman Farhat Bengdara announced that he expects to sign an 8 billion USD agreement with the Italian major ENI by the end of the year to develop the gas fields in western Libya.
He added that NOC, ENI and BP were about to start offshore gas exploration in the Mediterranean off western Libya. He also announced that Libya aims to double its oil production by 2027.
Farhat Bengdara finally declared that gas pipeline projects linking Libya to Greece and the Egyptian city of Damietta were under consideration.
Source : Embassy of France in Libya