Major international oil firms are pumping investment dollars into Libya’s petroleum sector to assist the country’s effort to revive her energy sector.
It would be recalled that recently, BOOM Television reported Libya’s takeover from Nigeria as the continent’s leading oil producer, after Nigeria’s oil production fell in October.
Libya which houses Africa’s biggest oil reserves has been mired in fighting for much of the period since 2011, when leader Moammar Qaddafi was overthrown in an uprising.
In mid 2020, Libya’s crude output rose to around 1.2 million barrels a day which is a tenfold increase.
Italy’s Eni SpA and France’s TotalEnergies have put plans in place to invest $2billion into Libya’s Waha oil project, which will boost its production by about 100,000 barrels per day.
The CEO of TotalEnergies, Patrick Pouyanne during Libya’s Energy and Economic Summit 2021 said the decision to partner with Libya is a contribution to the country’s come back after years of crumbling setback.
Experts have said that Nigeria has the capacity to pump 2.2 million barrels of oil per day but recently, the country’s output has not been encouraging as the country pumped only 1.23 million bpd of crude last month.
