After raising its oil production to its pre-revolution level of 1.6 million barrels per day, Libya is determined to do better if the necessary conditions are met, Libya’s Oil and Gas Minister Abdel Al-Bari Al-Arsi said Sunday.
The minister said his department intends to rely on the programme adopted by the General National Congress (GNC), Libya’s highest authority, to increase its oil production on which the country’s economy depends up to 95 per cent.
Libya is the second largest producer and exporter of oil in Africa, behind Nigeria, but has the largest reserves in the continent.
The country can, by granting new oil production licences to develop its oil fields, reach 3 million barrels per day, according to experts.
However, the country is facing difficulties that have impeded the development of new oil fields.
In recent months, armed groups have staged sit-ins, blocking production, in order to press for a more equitable sharing of oil resources.