Libya sits on the largest known oil reserves in Africa and is heavily dependent on revenues from its oil and gas exports. Libya’s poor economic performance is clear in the numbers with oil and gas. The Libyan oil sector also faces frequent obstacles and disturbances from employees, most of which are related to the closure of oil facilities as a result of “protests”, false terrorist attacks, or military actions that sabotaged important ports and fields to benefit from the oil money and give it to the Muslim Brotherhood. While Libya’s oil production was between 1.5 million and 1.6 million BPD before the 2011 NATO-backed uprising. Thus, efforts to rebuild oil and gas infrastructure will need funds ranging from $46-81 billion.

Source: Libya Today January 24, 2022 18:01 UTC