According to OPEC’s latest Monthly Oil Market Report, Nigerian oil production decreased to 1.23 million barrels per day (bpd) in October from 1.25 million bpd in September, paving the way for Libya’s takeover as the continent’s leading oil producer. UK economic research firm, Capital Economics attributes this decrease to the country’s inability to upgrade its oil-producing facilities due to the lack of investment and continued attacks from militant groups on its oil infrastructure.
Meanwhile, Libya has seen an upward trend – surpassing Angola in December 2020 as Africa’s second-largest oil producer before overtaking Nigeria. The country saw its production increase from 1.16 million bpd in September to 1.24 million bpd in October and plans to push production further. Indeed, in June 2021, Mustafa Sanalla, head of the Libyan National Oil Corporation (NOC) stated that it hopes to increase oil production to 2.1 million bpd within the next four years; and increase gas production to 4.1 billion cf/d. If set in motion, Libya will regain the capacity to become a leading regional oil and gas producer and exporter. The country’s oil and gas reserves are estimated at approximately 48 billion barrels and 1.5 trillion cubic meters, respectively.
Libya’s renewable energy potential will be unpacked during a renewable energy panel at the upcoming Libya Energy & Economic Summit 2021, taking place on 22-23 November 2021, in-person in Tripoli and on Zoom for online participants. Energy Capital & Power is honored to work with the Government of National Unity and all industry participants to produce this historic summit.
Companies interested in supporting the event can contact [email protected] for more information. Individuals and organizations that wish to join as speakers or panelists can contact [email protected] and media partners can contact [email protected]. Learn more at www.libyasummit.com.
