The National Oil Corporation has disclosed daily production rates, which amounted to more than 1.3 million barrels of crude oil and condensates, and 206.6 thousand barrels of gas equivalent, for a total of 1,539,799 barrels in the past 24 hours. The NOC clarified that this comes just days after the lifting of force majeure.
The NOC also confirmed that production rates will reach pre-shutdown levels in the coming days.
The Board of Directors of the National Oil Corporation held its tenth regular meeting for the year 2024 today, chaired by the Chairman, Farhat Ben Gdara.
The meeting focused on discussing a range of topics related to the sector, primarily the progress of subsidiary companies and overcoming the challenges they face in implementing the Corporation’s strategy to increase production rates and modernize the sector’s infrastructure.
Nova agency revealed that oil production will gradually resume starting tomorrow, after a one-month halt, thanks to the resolution of the dispute over the appointment of a new Central Bank governor, which is a key step toward overcoming the crisis that has affected the national energy sector.
Nova explained that the new Central Bank leadership will face complex challenges, including forming a new board of directors and restoring confidence in financial institutions. Envoy “Stephanie Khouri” emphasized the importance of protecting Libya’s oil resources from political tensions. During the agreement-signing ceremony, Khouri received assurances from Benghazi authorities about reopening oil fields and ports, though she also warned that internal divisions and foreign interventions remain significant threats.
The agency confirmed that full oil pumping operations are scheduled to resume on October 2.
Libya’s oil production has decreased by more than half this week, raising concerns about a potential global market shortfall of nearly one million barrels per day. This significant reduction comes as oil fields across the country have scaled back operations amidst a dispute over the appointment of the Central Bank Governor, according to Bloomberg News.
Production has fallen by approximately 450,000 barrels per day since authorities in eastern Libya ordered a halt to production on Monday, sources familiar with the matter have reported. Prior to this order, Libya was producing one million barrels per day, with the majority of oil fields located in the eastern region of the country.
The decision to suspend production and exports entirely is a response to a move by the internationally recognized government in the west to replace the Central Bank Governor, Sadek El-Kabir. El-Kabir, who has allies in the eastern Libyan government, has refused to step down from the critical position that manages billions of dollars in oil revenue between the two competing administrations.
