Category
🗞
NewsTranscript
00:00With steady steps, Libya is moving to increase its oil production in 2024 to 1,400,000 barrels
00:10daily.
00:11This is after it announced at the end of the maintenance project a number of wells in
00:17the oil field.
00:18The number of these wells is estimated to be nine wells that have been restarted, which
00:24will produce a total of about 4,000 barrels of crude oil daily, as part of this plan.
00:33Libya in the year 2024, specifically in February last, announced the largest increase in production,
00:42namely in the African continent, at 144,000 barrels, reaching 1,167,000 barrels daily
00:53in a year.
00:54But in view of this increase, as well as the various discoveries made by the Libyan government
01:02this time, a new discovery in the oil field, talking about 626,000 barrels daily of oil,
01:13in addition to 16,800,000 cubic feet of gas in a year in these new discoveries.
01:22Of course, Libya has a plan to move towards increasing its oil production.
01:29In 2024, we aim to reach 1,400,000 barrels daily, but the planned plan for the next
01:38three years is to reach 2 million barrels daily of oil production.
01:45But in view of the general estimates of the Libyan government, Libya relies on 95% of
01:54its oil in its economy in general, which is what it generates, which is almost 20.7 billion
02:03dollars in 2023, as estimates, which declined by 6% compared to 2022, which was estimated
02:14to be $120 billion a year in 2023.
02:19This is behind the number of political, economic and security challenges that the number of
02:26oil fields in Libya has overcome by the forces of Cairo.
02:29So Libya is taking a steady course to increase its oil production in 2024.