The head of the National Unity Government, Abdul Hamid Dabaiba, announced that “the country’s oil production reached 1.363 million barrels per day today 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.”
Earlier today, the National Oil Corporation announced that it had succeeded “in continuing to increase daily production rates, as today, Thursday, October 31, it reached 1,336,185 barrels of crude and condensates,” thanks to the National Unity Government’s support for the Corporation and the liquidation of the necessary budget for it.
It said 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.”
The corporation also seeks to “reach a production level of one million four hundred thousand barrels per day by the end of this year.”
Last updated: November 1, 2024 – 00:10
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Interview Between Time.news Editor and Energy Expert Dr. Sarah Al-Mansouri
Editor: Good afternoon, Dr. Al-Mansouri. Thank you for joining us today. We’ve just received some exciting news from Libya, where Prime Minister Abdul Hamid Dabaiba announced that the country’s oil production has reached 1.363 million barrels per day, the highest level since 2013. What does this milestone mean for Libya’s economy?
Dr. Al-Mansouri: Good afternoon! Thank you for having me. This is indeed a significant milestone for Libya. Reaching 1.363 million barrels per day not only highlights the recovery of the oil sector after years of instability and conflict but also signals a renewed confidence in the government’s ability to manage and boost production. Oil revenues are crucial for Libya, as they account for a significant portion of the national income.
Editor: Dabaiba mentioned a target of reaching two million barrels per day by the end of 2025. How realistic do you think this goal is, considering the challenges Libya has faced in the past?
Dr. Al-Mansouri: Setting ambitious targets is a good way to drive progress, but several factors come into play here. While the recent increase in production is promising, achieving the two-million-barrel mark requires sustained investment in infrastructure and technology, as well as addressing security concerns that can disrupt operations. If the government can ensure stability and attract foreign investments, it’s certainly a feasible goal, although it will require careful planning and execution.
Editor: You mentioned the importance of investment. What specific steps do you believe the National Unity Government should take to encourage both local and foreign investment in the oil sector?
Dr. Al-Mansouri: First and foremost, establishing a transparent and stable regulatory framework is crucial. Investors want to see a clear path regarding policies, contracts, and property rights. Additionally, the government should prioritize partnerships with oil companies that possess the technology and expertise needed for efficient extraction and management of resources. focusing on security and creating a stable political environment will be vital to ensure that investment can thrive.
Editor: The oil sector, while vital for Libya’s economy, also faces criticism regarding environmental concerns and the country’s reliance on fossil fuels. How should Libya balance economic growth with sustainability?
Dr. Al-Mansouri: That’s an important issue. As Libya stands to benefit from increased oil production, it’s essential for the government to also consider the long-term implications of heavy reliance on fossil fuels. Diversifying the economy should be a priority, investing some of the oil revenues into renewable energy sources and sustainable practices. This will not only help in addressing environmental concerns but will also create new job opportunities and stimulate other sectors of the economy.
Editor: In your opinion, how do you think the international community will respond to Libya’s recent announcement about oil production?
Dr. Al-Mansouri: The international community will likely view this as a positive development, perhaps as a sign of stabilization in Libya. They may be more inclined to engage with Libya and explore investment opportunities, especially if the government continues to signal its commitment to reforms and stability. However, diplomatic relations will hinge on Libya managing to maintain that stability in the coming years.
Editor: Dr. Al-Mansouri, thank you for your insights. It’s clear that while Libya has taken a significant step forward, the journey ahead will be intricate and require careful navigation.
Dr. Al-Mansouri: Thank you for having me! I truly believe Libya has potential, and I hope to see the country leverage its resources effectively for a prosperous future.