Libya’s National Oil Corporation Chairman, Masoud Suleiman, revealed that the country’s oil production has surged to approximately 1.43 million barrels per day, marking the highest output in over ten years. In a recent meeting, Suleiman announced that February’s oil sales revenue surpassed 2 billion US dollars, which was entirely deposited into the state treasury without any deductions, a significant milestone after years of financial challenges. Despite global crises, Libya has maintained stable domestic fuel supplies, with the completion of maintenance work on the Al-Sharara oilfield’s export pipeline, restoring production to normal levels.
Suleiman emphasized the critical role of power grid stability and enhanced production efficiency in sustaining and enhancing oil output. Oil and gas exports serve as Libya’s primary income source, yet they have faced disruptions due to ongoing conflict and political instability. The Al-Sharara oilfield, situated around 900 km south of Tripoli, the capital, boasts a capacity of over 300,000 barrels of crude oil daily.
Following instructions from Libya’s Presidential Council head, Mohamed Al-Menfi, the National Oil Corporation Chairman, Masoud Suleiman, has been directed not to engage in any new agreements regarding already developed oil fields in the country. This directive, aimed at safeguarding Libya’s national economy and maximizing returns from its vital oil resources, prohibits various forms of deals, including contractual arrangements. Al-Menfi has requested immediate reports on the legal, technical, and economic aspects of prior agreements to ensure transparency and economic prudence.
In a bid to fortify Libya’s economic interests, Prime Minister Abdul Hamid Dbeibah recently halted a contentious oil development pact, reportedly involving the Arabian Gulf Oil Company, citing concerns over transparency and public opposition. Despite being a crucial revenue stream, Libya’s oil and gas production has faced recurrent disruptions in recent times due to internal conflicts and political uncertainties.
