Libya’s National Oil Corporation has announced a significant increase in its crude oil production for the year 2023, reaching 432.22 million barrels.
This marks an average daily output of 1.184 million barrels, registering an 11.8% rise compared to 2022 when the production stood at 386 million and 56 thousand barrels.
The country’s petroleum products output last year totaled 6.16 million tons, while petrochemical products amounted to 682,595 tons, as per the statistics published by the Corporation on its Facebook page this Friday.
In addition, Libya recorded a total production of condensates at 2.42 million tons. The production of natural gas reached 12.39 billion cubic meters.
Despite the increase in crude oil production in 2023, Libya’s output remains below the levels achieved in 2021, which saw a production of 440.5 million barrels.
This data underlines Libya’s ongoing efforts to revive its oil sector amidst various challenges, positioning itself as a significant player in the global oil market.
Earlier this week, Libya’s oil minister and the secretary-general of the African Petroleum Producers Organization (APPO) discussed the feasibility of a gas pipeline from Nigeria to Europe that would pass through Niger and Libya.
The meeting took place in Tripoli on Wednesday, January 12, 2024, as part of the 2024 Energy and Economy Summit, which Libya is hosting.
The minister, Mohamed Aoun, and the secretary-general, Omar Farouk Ibrahim, also discussed the creation of an African Energy Bank to support oil and gas projects in Africa and to promote renewable energy.
The two sides stressed the importance of cooperation between APPO member states to share expertise, technology, and lessons learned in the oil and gas industry.