Oil production in Libya will experience production cut of 90,000 barrels per day for a week due to maintenance work carried out by the Waha Oil Company.
Libya is currently producing 1.3 million barrels per day, and production has been almost completely halted over the past year due to the political conflicts that erupted between the eastern and western regions of the country.
Because of the conflicts, production has fallen to about 100,000 barrels per day.
Libya is excluded from OPEC+’s production cut agreement in May 2020 due to the actual decline in production during the past year.
Libya aims to restore its oil production capacity and reach the target of 1.5 million barrels per day by the end of this year, according to previous statements by Libyan Oil Minister Mohamed Aoun.
Last March, Mustafa Sanalla, head of the National Oil Corporation, revealed that the targeted daily production is 1.45 million barrels by the end of 2021, then to 1.6 million within two years, and to 2.1 million within four years.
He stressed that reaching these goals will depend on peace, and the National Oil Corporation’s obtaining a budget large enough for the government to repair production infrastructure.
Two days ago, the National Oil Corporation announced the start of production in the Khobar field, without disclosing the expected production quantity from the field.
Two days ago, France’s Total and Italy’s Eni said they were ready to pump billions of dollars in investments in Libya, as the Organization of the Petroleum Exporting Countries (OPEC) prepared to end a decade of conflict and civil war.
“I want to contribute to Libya’s comeback,” TotalEnergies’ Chief Executive Officer Patrick Pouyanne said on Monday at an energy conference in the capital, Tripoli.
“Some may see more boldness than wisdom in TotalEnergies’ decision to partner with Libya. I don’t. Where they see risks, I see the opportunities,” he said.
Pouyanne said that TotalEnergies will allocate $2 billion for the Waha oil project in Libya, boosting production by 100,000 barrels per day.
It will also increase production in the Mabrouk oil field, and help generate 500 megawatts of solar energy to feed the local grid.
Pouyanne said that Libya will be a vital source of supply for global oil markets during the next decade