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وكالة الأنباء الليبية
Libya's Role in Global Energy
The head of Libya's National Oil Corporation has confirmed that the country possesses the largest proven oil reserves in Africa, exceeding 3% of the world's total reserves. Libya also benefits from a strategic location on the Mediterranean Sea, allowing for the export of oil to Europe. The Libyan oil production during this year has reached its highest level since 2013, surpassing 1.4 million barrels per day, thanks to efforts to rehabilitate fields, drill new wells, and enhance infrastructure. The organization is committed to maintaining and gradually increasing production by exploring new fields, developing existing projects, and reducing gas flaring, with a target to cut flare rates to 60% by 2030. It also focuses on safeguarding oil revenues from the impacts of political division, developing infrastructure, attracting global companies, and implementing projects to boost production. This includes developing fields like Al Waha and opening the Shadahr field, with an production capacity reaching up to 50 million cubic feet of gas daily.
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