Friday 15 Nov
Libya topped African countries in oil production in 2023, with a daily output of 1.189 million barrels, according to OPEC data. Nigeria followed closely behind in second place, producing 1.187 million barrels per day last year. Angola came in third with a daily production of 1.098 million barrels in 2023
On the
sidelines of the spring meetings of the International Monetary Fund and the
World Bank, the minister announced that current oil production has reached 1.2
million barrels per day. He added that the country is aiming to increase
production to 1.4 million barrels per day by the end of the year.
Regarding
revenues, the minister stated that the country achieved $6 billion in oil
revenues during the first quarter of 2024. He indicated that the country
expects revenues to increase further with higher production, provided that oil
prices remain at first-quarter levels.
To achieve this
goal, the country has allocated investments worth $17 billion, according to
Khalifa Abdul-Saddiq, Acting Minister of Oil and Gas. To maintain production at
current levels, a budget of $10 billion has been allocated for the current and
next year. These funds will be used to develop existing fields, carry out
periodic maintenance, drill more wells, and maintain the necessary
infrastructure for the oil sector
An OPEC report released in March indicated that Libya, an OPEC member, increased its oil production by approximately 144,000 barrels per day.
