The Organization of the Petroleum Exporting Countries (OPEC) reported that Libya has become the largest oil producer in Africa as of March 2024, producing 1.24 million barrels of oil per day, surpassing Nigeria.
In its monthly report released this Friday, OPEC noted that this figure represents a 5.4% increase from Libya’s production of 1.17 million barrels per day in February. Nigeria, meanwhile, lost its top spot after its oil production decreased by about 91,000 barrels per day from 1.32 million barrels in February to 1.23 million barrels in March, marking a 6.8% decline in production. The report also highlighted Libya’s efforts to boost production to 2 million barrels per day by 2030, with the National Oil Corporation targeting 2.3 million barrels per day by the end of the year.
The Libyan National Oil Corporation’s efforts include enhancing production through oil and gas exploration license negotiations in 2024, resuming production at the Sharara oil field in July 2023, and inviting current and potential exploration and production participants to Libya for hydrocarbon exploration, according to the organization.
Libya has been actively engaging with major multinational oil companies to resume and expand exploration and production activities. For instance, companies like OMV and Eni are resuming exploration in Libya’s significant oil fields such as the Sirte Basin, with Libya aiming to increase its oil production capacity significantly by 2030. Alongside increasing oil production, Libya is also focusing on infrastructure development. For example, a notable project is the planned $600-million oil refinery near the El Sharara field, which aims to ease fuel shortages and boost economic growth through diversified energy production.
