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Libya Advances Oil Production After Hurricane Find
The National Oil Corporation of Libya announced the discovery of a new oil field called "The Hurricane" in the Sirte Basin, with an expected production capacity of up to 5,000 barrels per day and estimated reserves of around 195 million barrels of oil. The field was successfully evaluated by the Austrian company OMV, and its development represents an important step in Libya's efforts to restore its position in the oil industry, especially after years of conflicts that hindered exploration and production activities. The Zuwetina Company is scheduled to develop the field, with production to begin as soon as possible, amid Libya's pursuits to increase its oil output to 1.6 million barrels per day by the end of the year, and its long-term goal of reaching two million barrels per day.
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