Libya restores oil production to nearly same levels before political turmoil
Date
10/10/2024 3:57:36 AM
(MENAFN) Libya has successfully restored its oil production to nearly the same levels as before the recent political turmoil that had caused operations to halt at several oil fields. This recovery marks a significant step in stabilizing the country's crucial oil industry, which had been severely impacted by the crisis. The resumption of production signals Libya’s efforts to regain control over one of its most important economic sectors, which is vital for the country’s revenue.
On Tuesday, the National Oil Corporation (NOC) announced that the total production rates had reached 1,133,133 barrels of crude oil and condensates, along with 206,666 barrels of natural gas equivalent. These figures, reported by a Libyan news agency, indicate that production has resumed at a strong pace, bringing the country closer to its pre-crisis levels. The restoration of oil production is seen as a positive development for the Libyan economy, which relies heavily on oil exports.
The NOC’s media office attributed this achievement to the "combined efforts" of the corporation's employees and affiliated oil companies. These teams have worked tirelessly to restore production after the recent lifting of force majeure, which had been in place due to the political unrest. Their efforts to stabilize and increase production demonstrate the resilience of Libya's oil sector and its ability to recover from disruptions.
Looking ahead, the NOC emphasized that oil and gas production is expected to fully return to pre-closure levels in the coming days. This swift recovery highlights the efficiency of the efforts made to overcome the challenges posed by the recent crisis. The return to normal production levels will play a critical role in supporting Libya's economy and maintaining its position as a key player in the global oil market.
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