Libya’s National Oil Corporation (NOC) announced total crude oil production of more than 432,227,175 barrels in 2023, averaging 1,184,000 barrels per day, reflecting an 11.8% increase compared to 2022.
During 2023, petroleum products reached 6,165,792 tons, while petrochemical products amounted to 682,595 tons, according to statistics released by the NOC on Friday.
The total production of condensates reached 2,426,233 tons, and natural gas production reached 12,391,398,48 cubic meters.
Despite the increase in Libya’s crude oil production, it remained lower than the production volume in 2021, which reached 440.5 million barrels.
Notably, the NOC declared a state of force majeure at the Sharara field, effective Sunday, 7 January, due to protests.
This significant development comes as a direct consequence of the field’s shutdown, instigated by sit-in demonstrators, leading to a halt in production. The field, a major source of revenue for the country, has been a frequent target of protests and blockades, reflecting ongoing regional and political tensions within Libya.
The declaration of force majeure, a legal term used by companies to relieve them from contractual obligations due to circumstances beyond their control, underscores the severity of the situation and its potential impact on Libya’s oil output and economic stability.
The NOC’s announcement is expected to have substantial implications for the Libyan oil industry, which is a critical component of the national economy, and a significant player in the global oil market. This disruption at Sharara poses challenges not only for Libya’s domestic financial stability, but also for international oil prices and supplies.
As the situation unfolds, further updates and responses from both Libyan authorities and international stakeholders are anticipated in the wake of this major disruption in the country’s oil production.