Libya: The Oil Corporation aims to produce 2.1 million barrels per day in 2024.

The infrastructure of the oil sector in Libya suffers from deficiencies that make it in dire need of continuous maintenance work to repair what the war has damaged.
The National Oil Corporation’s plan for the year 2020-2021 included the development of several projects, including the implementation of maintenance and development works to increase production from the Sirte, Gulf, Mellitah and Zallaf companies.

The head of the Libyan National Oil Corporation, Mustafa Sanallah, says that his country’s oil production is now going through a recovery phase, and that maintaining the recently achieved production levels (1.3 million barrels per day) depends on the stability of Libya, the non-renewal of the blockade, and the amount of money available in the budget.

The Libyan Oil Corporation hopes that foreign companies will cooperate with it in financing a program to increase Libyan oil production so that it regains its level before the overthrow of former President Muammar Gaddafi (1.6 million barrels per day), and then increases it to 2.1 million barrels per day within three years.
Libya’s production had plummeted to its lowest level (100,000 barrels per day) in January 2020, but it is now improving since the gradual lifting in September 2020 of an eight-month blockade imposed by the forces of Field Marshal Khalifa Haftar on oil installations and preventing oil exports from the east of the country.

The Libyan National Oil Company (NOC) announced the lifting of force majeure on safe oil fields and ports, including the Sharara oil field, which had resumed production since October 11, 2020. This resulted in Libya recording a significant increase in oil production.
It is worth noting that Libya, with a population of nearly 7 million, has the largest proven oil reserves in Africa (48.4 billion barrels) and accounts for 2.8% of the world’s reserves, and is an important supplier of light, low-sulfur crude.

The “Sirte” basin, located in eastern Libya, is considered one of the most important oil basins in it. It includes 16 productive fields, among which the Al-Sarir field is one of the largest Libyan oil fields. The Ghadames Basin is also located in northwestern Libya, and parts of it extend within the territories of Tunisia and Algeria, and it includes the Al-Wafa field, the main supplier of gas to the West Libya Gas Project.