Libya's National Oil Corporation said its crude output will reach 1.2 million barrels per day within two weeks after production resumed at several of its oilfields this week.
Current oil output at NOC is at 860,000 bpd, compared with 560,000 bpd on June 11, before resuming production, the state-owned company said. This is in line with the oil ministry's earlier declaration that output is at more than 800,000 bpd and is projected to hit the "normal" 1.2 million bpd rate by August.
The 1.2 million bpd figure was the average output in 2021, which was a significant recovery from 400,000 bpd in 2020, according to World Bank estimates.
"National Oil Corporation and its companies achieved a relative increase in oil production, with current production reaching 860,000 barrels per day, while the pre-reopening production rate was 560,000 barrels per day," the NOC said.
"NOC is striving to increase production and bring it back to its normal rates of 1.2 million barrels per day in two weeks."
Libya has Africa’s largest oil reserves and hydrocarbons, which account for 95 per cent of government revenues, making control of the industry a key point of contention between its rival governments.
Armed factions have also sought to control production and exports, in some cases attacking oil infrastructure, devastating Libya's economy.
Libya’s economic recovery, however, is gathering momentum, boosted by a large increase in hydrocarbon output in 2021, according to the African Development Bank.
The economy is expected to expand by 3.5 per cent this year and 4.4 per cent in 2023, but this will depend on the stabilisation of its political situation, security improvements and persistence of oil production, the lender added.
But rising prices, chronic power cuts and political deadlock have angered Libyans, who have taken to the capital Tripoli's streets to protest.
Libya on July 1 shut down two of the country's biggest export terminals and an oilfield amid political turmoil in the country, with NOC declaring a state of force majeure, which refers to an unforeseen set of circumstances preventing a party from fulfilling a contract.
The affected oil assets were Asidra and Ras Lanuf terminals, and the El-Feel field, which is also known as the Elephant field. Their closures resulted in billions of losses to its economy.
Before that, earlier shutdowns at two other terminals, Brega and Zueitina, brought total economic losses to about 16 billion Libyan dinars ($3.31bn), NOC said at the time. The Central Bank of Libya had put the figure at about $3.5bn.
The country's oil industry was thrown into further chaos last week when one of the country’s two rival governments dismissed NOC head Mustafa Sanalla, even sending troops to occupy the company's headquarters.
The armed units forced their way into NOC's Tripoli offices when Mr Sanalla refused to leave.
Farhat Bengdara, Mr Sanalla's replacement as NOC chairman, rejected challenges to his appointment on Tuesday as work at some shuttered fields and ports resumed.
This week, Mr Bengdara announced that oil production and exports resumed at all its blockaded oilfields and ports, after he met tribal leaders, who represent the groups involved in a months-long blockade, in the eastern city of Benghazi.
The lifting of the obstructions was estimated to restore about 850,000 bpd of Libyan oil output.
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
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Uefa Champions League semi-final, second leg
Real Madrid (2) v Bayern Munich (1)
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David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
Fixtures and results:
Wed, Aug 29:
- Malaysia bt Hong Kong by 3 wickets
- Oman bt Nepal by 7 wickets
- UAE bt Singapore by 215 runs
Thu, Aug 30:
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- Hong Kong bt Singapore by 5 wickets
- Oman bt Malaysia by 2 wickets
Sat, Sep 1: UAE v Hong Kong; Oman v Singapore; Malaysia v Nepal
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Read more about the coronavirus
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
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- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
