The head of the National Oil Corporation, Masoud Suleiman, said that condensate production reached 49 thousand barrels per day, adding: “Today we are steadily approaching reaching the barrier of 1.5 million barrels per day.”
Libya, a member of the Organization of the Petroleum Exporting Countries (OPEC), seeks to enhance its oil and gas production, taking advantage of its possession of the largest proven oil reserves in Africa.
Oil constitutes the backbone of the Libyan economy and the state’s main source of revenue, after production was affected for 13 years by internal conflicts and strife.
Libya has recently revitalized the oil and gas sector, as in February it awarded the first bid for the exploration and production of oil and natural gas in more than 17 years, for 6 international companies, including the American “Chevron”, “Turkish Petroleum”, the Italian “Eni”, and “Qatar Energy”. (Bloomberg)
