Libyan Oil Corporation announces production of over 1.2 million barrels in 24 hours

Libya’s National Oil Corporation said on Sunday that the country’s crude oil production over the past day amounted to one million 210 thousand barrels.

The corporation said that condensate production over the past day amounted to 52,000 barrels, and the total consumption of natural gas over the same period reached 944 million cubic feet.

Gas consumption ranged from 747 million cubic feet for the General Electricity Company to 99 million cubic feet for the National Oil Corporation.

The steel complex and other small plants consumed 77 million cubic feet, while the cement plants consumed 21 million cubic feet.

Libya’s oil revenue for the first seven months of 2022 was about 56.1 billion dinars (about $11.54 billion), according to a previous statement from the Central Bank of Libya.

Last year, Libya achieved record oil revenues of over 103 billion dinars ($21 billion).

Libya has the largest proven crude oil reserves in Africa, and at the end of 2020, Libya’s proven crude oil reserves, according to BP, stood at 48.4 billion barrels, equivalent to a 4.1 percent share of the reserves of the Organization of the Petroleum Exporting Countries.

Thus, Libya ranks seventh in the list of the largest OPEC countries in terms of oil reserves, according to data published on the OPEC website.

Notably, Libya’s oil production hit 1.557 million bpd in 2009 but plummeted to 462,000 bpd in 2011, causing the economy to contract by about 66.7 percent in the same year, to recovered in subsequent years.

Source: Libyan media.