Specialists from the Libyan National Oil Corporation (NOC), along with representatives from Sirte Oil & Gas Production and Manufacturing Company, convened with a delegation from the American company, Honeywell.
The core agenda of the meeting was the potential enhancement of the Brega refinery. Honeywell is set to present a preliminary study on the feasibility of increasing production capacity.
The meeting also deliberated on the prospect of changing the catalyst agent in the gasoline production unit of the refinery.
The participants included Mohamed El-Hadairi, the Acting Manufacturing Manager at Sirte Oil; Omar El-Tahir El-Ziadi, the Refining Operations Observer; Khalifa Hussein Karim, the Refinery Observer at the National Oil Corporation; Ayad Al-Zanad, the Senior Advisor at Zallaf Libya Exploration & Production of Oil & Gas; Karim Abdul Karim, Honeywell’s North Africa Regional Director; and Hisham Tamam, a chemical engineer at Honeywell.
Last week, the NOC reported an impressive daily production rate of 1.203 million barrels of crude oil. Concurrently, daily condensate production figures were pegged at 50,000 barrels for the preceding 24-hour timeframe.
Libya’s robust oil output has not gone unnoticed. The esteemed ‘Energy Capital & Power’ platform commended the nation’s recent upswing in the oil market. This resurgence, they noted, can be traced back to a discernible stability in Libya’s sociopolitical landscape, particularly as the country ambitiously eyes expansion in its pivotal energy sector.
The leading investment platform, specializing in tracking Africa’s energy markets, also marked an increased interest by global energy stakeholders in Libyan investments. In a strategic move to capitalize on this momentum, the NOC recently announced tenders, inviting the Libyan private sector to invest in previously discovered but undeveloped oil fields, aiming to bolster production in these marginal areas.
Libya, situated in North Africa and boasting some of the continent’s most significant oil reserves, has been a critical player in the global oil market. However, its recent history has been marked by periods of turbulence, particularly following the 2011 uprising that led to the ousting and eventual death of long-time ruler Muammar Gaddafi.
The subsequent power vacuum triggered a cascade of events leading to internal strife, factional infighting, and outside intervention, significantly affecting Libya’s oil output and consequently, its economy.