Libya froze all new foreign investment after the 2011 civil war, but today, they are producing over 700,000bpd with the hope the produce 1.25mnbpd by end-2017
Chairman of Libyas National Oil Company, Mustafa Sanalla, spoke this week in London, stating that Libyan oil production could jump 70 per cent if more money can be attracted from new investors. This is important for the entire country as this move could defend one of Libyas remaining independent industries.
“We need more money than we get from the central bank,” Mr Sanalla said. “We are the only institution that can work across this difficult environment.”
“Every single major oil-export route is now open, although some are operating at significantly reduced levels due to damage suffered in conflicts,” Sanalla said, according to the text of his speech. “For the moment the oil is flowing. This can be an important foundation of stability in Libya, if we build on it.”
Libya, with Africa’s largest crude reserves, is trying to revive its oil production and exports, despite the political uncertainty. In December, it re-opened its biggest oil field, Sharara. The production figures Sanalla announced represent a 23 percent increase from the 580,000 barrels a day that Libya pumped in November, according to Bloomberg.
