Beleaguered North African oil producer Libya is set to announce within months its first oil and gas exploration bid round since the civil war began in 2011, Libyan Oil Minister Khalifa Abdul Sadiq told Bloomberg in an interview. As a result of the conflict, oil production in Libya has often suffered in recent years, to the point of OPEC exempting the North African producer from the OPEC+ production quota agreements. In August and September this year, Libya’s oil production was decimated after the country’s two rival administrations locked horns over the appointment of a new central bank governor. Since the central bank handles Libya’s oil revenues, both governments wanted their own man at the top position. Oil production resumed in early October and has now exceeded pre-crisis levels and hit 1.3 million barrels per day (bpd), the highest in years, Libya’s oil minister told Bloomberg.

Source: Libya Today November 06, 2024 11:01 UTC