The National Oil Corporation announced that the Libyan fields continue to gradually raise their daily production of oil and gas, with steady steps, in accordance with the National Oil Corporation’s plan.
The corporation explained that today it achieved an increase in the production rates of crude oil and condensates, with the total production reaching 1,364,438 barrels of crude oil and 208,000 barrels of gas equivalent.
Earlier, the head of the National Unity Government, Abdul Hamid Dabaiba, announced that “the country’s oil production reached 1.363 million barrels per day for the first time since 2013.”
Al-Dabaiba said in a statement: “This important number is part of our plan to develop the oil sector and reach production rates to two million barrels by the end of 2025.”
He added: “These steps will contribute to strengthening the Libyan dinar, improving the citizen’s livelihood and stabilizing our national economy.”
Al-Dabaiba continued: “Improving living conditions and improving services, this is our battle, which we will spare no effort or take any measure or decision to achieve.”
In turn, the National Oil Corporation announced that it had succeeded “in continuing to increase daily production rates, as it reached, on Thursday, October 31, 1,336,185 barrels of crude and condensates.”
The corporation noted that it is “preparing, as part of its plan to increase production, to restart four fields that were out of service, namely Al-Dhahra, Al-Bahi, Al-Mabrouk, and Al-Tahara, in the near future, with an additional production capacity exceeding forty thousand barrels.”
Last updated: November 5, 2024 – 00:05
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Interview between Time.news Editor and Oil Sector Expert
Time.news Editor (TNE): Good morning! Today, we have the pleasure of speaking with Dr. Hasan Al-Mansouri, a noted expert in the field of oil and gas production, to discuss the recent developments in Libya’s oil sector. Welcome, Dr. Al-Mansouri!
Dr. Hasan Al-Mansouri (HMA): Good morning! Thank you for having me. It’s a pleasure to discuss such an important topic.
TNE: Let’s dive right in. The National Oil Corporation (NOC) recently announced an impressive increase in Libya’s oil production, hitting over 1.36 million barrels per day. What do you attribute this positive trend to?
HMA: This increase can be credited to several strategic initiatives by the NOC and the government. The focus on stabilizing the oil sector, facilitating investment, and ensuring operational efficiency has played a significant role. It’s also a result of the gradual rebuilding of infrastructure that had been affected by years of conflict.
TNE: Abdul Hamid Dabaiba, the head of the National Unity Government, mentioned that achieving production levels of over 1.36 million barrels per day is a major milestone since 2013. How crucial is this milestone for Libya’s economy?
HMA: Extremely crucial! Achieving this production rate not only signals a return to operational stability but also has significant implications for the Libyan economy. Increased oil production enhances the country’s revenue, which is essential for funding public services and improving the standard of living for its citizens.
TNE: Dabaiba also emphasized plans to reach a production target of two million barrels per day by the end of 2025. What challenges do you foresee in achieving this ambitious goal?
HMA: While it’s an ambitious target, several challenges remain. These include maintaining political stability, ensuring a secure operating environment, and the need for continual investment in aging infrastructure. Moreover, external factors such as global oil prices can also impact production feasibility.
TNE: The NOC has announced plans to restart four oil fields that had been out of service. How important is this step toward achieving their production goals?
HMA: Restarting those fields is a critical step. Each of those fields has a combined production capacity of over 40,000 barrels per day, which could significantly contribute to reaching the two million barrels per day target. Moreover, it demonstrates the NOC’s commitment to maximizing existing resources and optimizing production capabilities.
TNE: Dabaiba mentioned that these initiatives would help strengthen the Libyan dinar and improve citizens’ livelihoods. Can you elaborate on how increased oil production can lead to these economic benefits?
HMA: Certainly! As oil production increases, it generates higher revenues for the government. This increased cash flow can be used for various public projects such as infrastructure development, education, and healthcare, thus directly improving living conditions. When the economy grows and public services improve, it typically leads to a more stable currency, in this case, the Libyan dinar.
TNE: It sounds like a comprehensive approach is essential for sustained growth. What role do you think international partnerships will play in Libya’s oil sector growth?
HMA: International partnerships are vital. They bring in not only capital but also technical expertise and technology that can enhance production efficiency. Furthermore, collaborations can help ensure that Libya remains competitive in the global oil market, which is essential for sustaining high production rates.
TNE: In closing, Dr. Al-Mansouri, what’s your outlook for the future of Libya’s oil sector?
HMA: If Libya continues on this path with the right policies and stability, the outlook can be quite positive. The potential is there for significant growth, and if the government can maintain focus on developing the sector and the overall economy, I believe we could see Libya reclaim its status as a leading oil producer in the region.
TNE: Thank you, Dr. Al-Mansouri, for your insights today. It’s evident that while challenges lie ahead, there’s also substantial potential for growth in Libya’s oil sector.
HMA: Thank you for having me. Let’s hope for stability and prosperity in Libya’s future!