Libya is preparing to launch the first bidding round for oil and gas exploration since 2011

صحافة بلادي — LibyaIt is preparing to launch the first bidding round for oil and gas exploration since 2011

AnnounceFarhat bin Qadara, Chairman of the National Oil Corporation in Libya, said that the corporation intends to launch a new round of oil and gas exploration bids before the end of this year, in a step that is the first of its kind since the events that the country witnessed in 2011 and overthrew the regimeMuammar Gaddafi.

During an event for the oil sector inCairoBin Qaddara confirmed that Libya’s oil production currently reached 1.4 million barrels per day, including condensates, noting that these numbers represent the highest levels of production since 2013.

The corporation recently announced an unprecedented increase in oil production, as production rates last Wednesday recorded 1,380.47 million barrels of crude oil and condensates, while gas production reached 198.19 thousand barrels equivalent. Al-Waha Company alone witnessed production of 350,549 thousand barrels per day, which is the highest rate achieved by the company in more than a decade.

This recovery in production comes after resolving disputes over the management ofCentral Bank of LibyaThis allowed oil operations to resume at full capacity. The upcoming round of bidding is an important step to enhance oil sector investments in Libya, memberOPEC, which has suffered repeated unrest since the political division in the country in 2014.

Source:My press