Libya Showing Signs of Economic Resilience

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Libya Showing Signs of Economic Resilience

Tue, 10/06/2020 - 08:19
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Oil production in Libya (copyright by Shutterstock/Max Sky)
Oil production in Libya (copyright by Shutterstock/Max Sky)

Libya, with Africa's largest oil reserves containing some of the world's highest quality crude oil, has been able to raise its production by approximately 20,000 bpd to 290,000 bpd, which is welcome news to the manifold oil industry.

The easing of a blockade by eastern forces, which began in January, has allowed the OPEC member to ramp up exports with the reopening of the Marsa El Hariga, Brega and Zueitina terminals, though damage sustained during the shutdown may slow a full resumption of exports.

The National Oil Corporation (NOC) said it would only resume operations at oilfields and terminals where militants had vacated their positions.

In Zueitina, west of Benghazi, the port appeared quiet during a visit by a Reuters reporter on Sunday, with far fewer staff at work than before the shutdown.

An oil engineer there said they faced technical difficulties in keeping the facilities running, with four of the 17 storage tanks out of operation and more requiring maintenance work.

Once peace and stability are secured Libya will be a veritable bonanza to its many stakeholders, as the existing infrastructure including oil pipelines and  has either been destroyed in the protracted civil war or rendered essentially useless through neglect.

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