African report: Maximum oil production capacity in Libya won't exceed 1.8 bpd
A report by the African Chamber of Energy estimated Libya's maximum oil production capacity at about 1.8 million barrels per day (bpd) by 2024, even if elections are held and political stability prevails in the country.
The expectations of the African Chamber for Energy issued at the beginning of this year came after the Government of National Unity said it hoped to produce three million bpd after two or three years.
The African Chamber for Energy, which is concerned with defending the interests of the energy sector in the continent, confirmed that Libya will witness a growth in its production capacity in 2023.
Oil blockades in Libya caused a decrease in the production of African liquids, and the report expected that the supply would remain stable despite the effects of the Libyan political conflict on African production levels in 2022.
Political and security divisions in Libya prevented production stability after the collapse of supplies in mid-April when protests forced the closure of many oil sites and exports' terminals.
Meanwhile, the National Oil Corporation (NOC) was involved in the political conflict, which led to the replacement of the Chairman of its Board of Directors.
The African Chamber for Energy said that Libya would witness maximum growth in the medium term compared to 2022, provided that internal conflicts are calmed, and according to estimates, Libya’s oil production may reach 1.3 million bpd in 2023 after it had settled at 1.12 million bpd in 2022.
It also expected in the 2023 forecast report for the state of African energy that the demand for drilling platforms and exploration for oil and gas will witness a noticeable increase in 2023, led by countries in the north of the continent, including Libya and Egypt.