May 12, 2023Libya and a Russian oil company announced a new discovery on Thursday. Libya’s state-owned National Oil Corporation and Tatneft said they discovered the oil in the Ghadames basin 330 kilometers (205 miles) south of the capital Tripoli at a depth of 8,500 feet. Tatneft suspended operations in Libya several times during these conflicts but finally resumed in late 2021, according to S&P Global. In 2020, Russia brokered an agreement between Libya’s Tripoli-based government and the eastern-based forces of commander Khalifa Hifter on oil production. Know more: Libya’s National Oil Company wants to boost crude oil production to 2 million barrels per day, up from the 1.2 million barrels per day at present.
