TRIPOLI, Mac 20 (NNN-LANA) – Libya’s state-owned National Oil Corporation (NOC), said yesterday, the country produced more than 33.5 million barrels of crude oil in Feb.
The company said via its Facebook account that, the country last month produced 515,461 tonnes of petroleum products and 110,729 tonnes of petrochemicals.
The production of condensates was 198,445 tonnes, while natural gas production was 983.2 million cubic metres in Feb, NOC revealed.
Oil and gas play a crucial role in Libya’s economy, as the country possesses the largest proven oil reserves in Africa. However, the sector has faced challenges in recent years, due to armed conflicts and disruptions in oil field and port operations.
During the tenth regular meeting of the High Council for Energy and Water, held on Monday, NOC Chairman, Farhat Ben Gadara, said, the country’s daily oil production would exceed 1.5 million barrels by the end of 2025, and two million barrels within three years, explaining that, this rate requires continued financial inspections of ongoing projects.
According to NOC statistics, the country’s daily oil production has been around 1.2 million barrels since its decision in July, to raise output to the current level.– NNN-LANA
