And things are looking up for 2023, with increased foreign investment in Libya’s oil and gas sector, as well as support from the IMF. In February this year, the NOC introduced a new strategic plan to revitalise Libya’s oil and gas sector, in collaboration with the U.S. firm KBR. Eni continues to be the biggest foreign investor in Libya’s oil and gas sector, having begun operations in 1959. The IMF expects Libya’s oil production to increase by around 15 percent in 2023 thanks to an output rise of 1 million bpd in 2022. And the Russian oil company Tatneft’s Libyan branch discovered an oil well in the Ghadames Basin, producing 1,870 bpd of at a depth of 8,500 feet.

Source: The North Africa Journal June 06, 2023 00:00 UTC