Libyan Oil Production Highest for 5 Years - Panorama Insurance Brokers

Libyan Oil Production Highest for 5 Years

Libyan oil output recovered sharply last year, according to a report from Platts.

It quotes National Oil Corporation (NOC) chairman Mustafa Sanalla as telling a Chatham House event on Tuesday:

We achieved our highest production and revenue levels for the past five years … with $24.4 billion transferred to the Libyan Central Bank in 2018, thanks to an average production level of 1.1 million barrels per day (bpd).”

Production at the 350,000 bpd Sharara field has stopped since 8th December after armed groups and local people occupied the site in protest at economic conditions and frequent power cuts.

Sources: Platts and Libya Business News

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Since its launch in 2011, Libya Business News has grown to become the leading news service for all who are interested in the development of Libya.

Despite the obvious challenges faced in the following years, we have remained committed to bringing you all the news that matters on the economy and business life in the country, and to keeping you informed on political and security developments.