As a result, the Libyan National Oil Corporation had to declare its inability to fulfill its contractual obligations. In response, the National Oil Corporation raised crude oil production closer to pre-blockade levels of 1.164 million barrels per day and stated that production in 2023 should average 1.2 million barrels per day. As Europe searches for alternative energy sources and reduces reliance on Russian energy, Libya is well-positioned to become a pivotal export hub for oil and gas. Additionally, Libya has taken proactive steps to bolster its gas production, including securing a substantial offshore gas deal with Eni and planning exploratory drilling in key basins. In conclusion, the National Oil Corporation of Libya has presented an ambitious plan to enhance the production of oil and gas, minimize gas flaring, and improve transparency in financial reports.

Source: Libya Today December 21, 2023 18:16 UTC