20 hours ago
4 ARTICLE AD
Libya’s Mabruk Oil Operations has resumed production at the Mabruk oilfield after a decade-long shutdown, the Tripoli-based Government of National Unity said in a statement on Wednesday.
Production officially restarted on Sunday at an initial rate of 5,000 barrels per day, according to the statement, with plans to increase to 7,000 bpd by the end of March and 25,000 bpd by July.
Libya’s National Oil Corporation (NOC) had previously announced plans to reopen the Mabruk oilfield in the first quarter of 2023, targeting production of 25,000 barrels per day, Reuters reported on Wednesday.
The field was closed in 2015 following what the NOC described as a “terrorist” attack, which resulted in $575 million in field equipment losses.
Libya, which holds Africa’s largest proven oil reserves, has faced challenges in maintaining consistent output due to internal conflicts and infrastructure damage since 2011.
“This marks a significant step forward in Libya’s oil sector, reflecting improved stability and confidence in our capacity to rebuild and boost the national economy,” Wednesday’s statement said.
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
Contact: [email protected]
