Both before this 2020 agreement and after it began to break down, Libya’s oil sector has been subject to various-scale blockades of its key oil facilities, and even now around half or slightly more of Libya’s oil production is offline, according to various estimates. These sites are key suppliers of mostly high-quality light, sweet crude oil, notably including the Es Sider and Sharara export crudes. This said, the NOC had plans in place before 2011 to roll out enhanced oil recovery (EOR) techniques to increase crude oil production at maturing oil fields. From that level, there still appeared scope to increase this to the 2.1 million bpd targeted by Libya’s Oil Ministry, and to hit the informal interim targets of 1.45 million bpd by the end of 2022, and 1.6 million bpd by the end of 2023. Given this potential, there was, and to some degree still is, the prospect of major international participation in Libya’s oil sector.

Source: Libya Today June 14, 2022 06:57 UTC