Libya’s National Oil Corporation (NOC) announced the commencement of oil exports through the Zawiya Port, marking a significant milestone.
The inaugural shipment carries 600,000 barrels of crude oil from the Irawon oil field, strategically located in the Murzuq Basin, northeast of Al-Awaynat city.
Zalaf, a leading player in oil exploration and production, initiated crude oil pumping operations from the Irawon field in late March 2023. This operational milestone is part of an alternative plan for early production, aiming for a daily output of 3,000 barrels.
The field’s daily production rates are anticipated to exceed 16,000 barrels, when all wells and pipelines connecting Irawon to the Sharara field are fully operational.
Zalaf stands out as one of the first companies in Libya’s oil sector to embrace a crude oil transportation plan, using tankers.
With a frequency of 12 daily trips, crude oil is transported from the Irawon production tanks, to the processing unit at the Sharara field, operated by Akakus Oil Operations.
Notably, the NOC has announced earlier the launch of its Investor Registration Portal, in a drive to boost transparency and leverage untapped oil reserves.
The NOC said in a statement on Wednesday that, the step coincides with a significant increase in Libyan oil production as the NOC works toward its strategic production goals. The NOC invited both local and international investors to explore opportunities in Libya’s energy sector.
By registering at the NOC Investor Registration Portal, investors can become part of Libya’s oil future. Investors can register at www.nocinvestment.ly.
The statement noted that the NOC aims to enhance oil infrastructure and unlock the potential of undeveloped oil fields.
For its part, the Central Bank of Libya (CBL) announced earlier this month that the country’s oil sales revenue reached 74.4 billion Libyan dinars (approximately $15.16 billion US dollars) from the beginning of this year until the end of October.
The revenue had amounted to 67.1 billion Libyan dinars at the end of September 2023.