Photo: Bloomberg LP
Libya expects oil production to fall by another 200,000 .barrels per day next week as workers try to repair a damaged pipeline.
The last break comes less than two weeks after the militias closed the largest deposit of the OPEC member – “Sharara”, which led to a drop in production by about 350 thousand barrels per day, reports Bloomberg.
Thus, Libya’s oil production will be reduced to around 700 thousand barrels per day, the lowest level in more than a year.
Any prolonged decline in production in Libya, which has the largest oil reserves in Africa , may oppose the efforts of the Organization of the Petroleum Exporting Countries and its partners to increase exports.
Representatives of OPEC + will decided on Tuesday, January 4, and will probably continue for another month the current increase of 400 thousand barrels of oil per day, according to a study by Bloomberg. The organization is restoring supplies suspended during the 2020 pandemic due to blockades and declining demand.
Libya’s state-run National Petroleum Corporation said the main pipeline connecting the eastern Samah fields and Duhra, the country’s largest export terminal, will be closed for renovations. The pipeline will be operational in about a week.
Libya pumped an average of 1.2 million barrels per day in 2021. The state-owned company warns that it lacks the resources needed to maintain this level. production, and to reach the target of 2 million barrels per day within six years.
The government is trying to attract investment from foreign energy companies, including France’s TotalEnergies SE and
Oil facilities can no longer be managed properly due to “the large number of leaks” and “the consequences of illegal closures in recent years”, the Libyan state oil company said in a statement. . She accuses lawmakers of not signing a budget for the company in the last two years.
The struggle between rival factions in a country at war and chaos for most of the latter decade, hampers efforts to increase oil production. Last month, Libya postponed the presidential election, which was supposed to end political divisions and stabilize the energy sector.
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