Tripoli: Libya’s oil output has reached around 1.43 million barrels per day, marking its highest level in over a decade, according to the National Oil Corporation chairman.
Suleiman on Sunday (local time) said during a meeting that oil sales revenue for February exceeded 2 billion US dollars and was fully transferred to the state treasury without any deductions, a first in years, reports Xinhua news agency.
He also noted that domestic fuel supplies remain stable despite global crises and that maintenance work on the Al-Sharara oilfield’s export pipeline has been completed, with production back to normal levels.
Suleiman stressed that maintaining and increasing output depends on power grid stability and improved production efficiency.
Oil and gas exports are Libya’s main revenue source but have been repeatedly disrupted by conflict and political instability.
The Al-Sharara oilfield, the largest in the country, is located some 900 km south of the capital, Tripoli, with a capacity of over 300,000 barrels of crude oil daily.
Earlier on April 4, the head of Libya’s Presidential Council, Mohamed Al-Menfi, instructed that no new deals be made concerning already developed oil fields in the country, reports said.
The instruction to Masoud Suleiman, chairman of the National Oil Corporation (NOC), confirmed Saturday by the Presidential Council’s media office, prohibits all forms of agreements in this regard, including contractual arrangements, Al-Ahrar TV reported.
Menfi also requested immediate reports to the Council on the legal, technical, and economic procedures and backgrounds of any previous deals.
The move is intended to strengthen protection of Libya’s national economy and secure optimal returns from its strategic oil resources, said reports.
This development followed a previous decision by Prime Minister Abdul Hamid Dbeibah to suspend a controversial oil development agreement, reportedly with the Arabian Gulf Oil Company, citing mounting concerns over transparency and public backlash.
Libya’s main source of revenue comes from oil and gas exports, but conflict or political instability has repeatedly disrupted production in recent years.
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Caption: Representational photo (Source: Xinhua/IANS)
–IANS
