Libya’s Oil Production Reaches 1.2 Million Barrels

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Libya's Oil Production Reaches 1.2 Million Barrels
Libya's Oil Production Reaches 1.2 Million Barrels

On Sunday, the National Oil Corporation (NOC) reported that the crude oil production in Libya during the past twenty-four hours reached 1.2 million barrels.

In a statement, the NOC said that the condensate production amounted to 52 thousand barrels during the past twenty-four hours. The total consumption of natural gas locally reached 944 million cubic feet during the same period.

The quantities of gas consumed varied between 747 million cubic feet for the General Electricity Company and 99 million cubic feet for the NOC.

The iron and steel complex and other small factories consumed 77 million cubic feet, while the cement factories consumed 21 million cubic feet.

On Saturday, the CEO of the Italian company, Eni, Claudio Descalzi, announced new oil and gas discoveries in Libya. He said that Eni is currently discussing new projects in Libya.

This came in a statement made by Descalzi to the Italian Nova Agency on the sidelines of the eighth annual Mediterranean Dialogues Forum, which kicked off in Rome, in the presence of a number of Ministers, officials, and senior diplomats.

In October, the Chairman of Libya’s NOC, Farhat Bengdara, said that Eni will invest $8 billion to develop natural gas fields in western Libya.

He added that Libya expects between $35 billion and $37 billion in oil revenue this year and that it has proven natural gas reserves that exceed 80 trillion cubic feet.

Eni has been working together with the Italian government to clinch deals with alternative gas suppliers, in the face of increasing uncertainty over supplies from Russia.

According to the Upstream oil website, this comes at a time when Libya aims to complete the review of its financial system by the end of 2022, to attract investors. Libya is discussing projects worth $7.5 billion, which aim to provide additional gas to Europe, which is attempting to wean off of Russian gas supplies.

The former CEO of Eni, Paolo Scaroni, said that the Italian government has taken steps to import gas from Mozambique, Congo, and Algeria. He added that there is also a chance to increase oil production in Libya to compensate.

In an interview with the La Verita newspaper, Scaroni added that Rome is not ready to give up Russian gas at present. He noted that this would require greater cooperation with Africa.

In August, Libya’s Oil Minister, Mohamed Aoun, stated that Libya can only compensate for a small part of Russian oil supplies destined for Europe, even if all its fields are developed.

Aoun said that “if the oil and gas discoveries are developed in all of Libya, which will take three to seven years, we will be able to compensate only a small part of the Russian supplies. Therefore, I do not think that Libya is able to compensate for the large amounts of energy that Russia is producing.”

He explained that the offshore gas fields are under development due to an agreement between the NOC and Eni. He added that future production will not be able to meet domestic needs.

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