Libya’s push to reclaim its position as one of Africa’s leading oil producers gained fresh momentum after the country reported encouraging production rates from a newly drilled well in the Al-Khair oilfield.
The National Oil Corporation (NOC) said the well is producing 3,209 barrels of crude oil per day and about 1.95 million cubic feet of associated gas daily, according to Reuters.
While the output from a single well may appear modest in the context of global oil markets, the development is significant because it reflects a broader recovery underway in Libya’s energy sector after years of political instability, conflict and repeated production disruptions.
Libya holds the largest proven crude oil reserves in Africa, estimated at more than 48 billion barrels. Yet much of that potential has remained underdeveloped since the 2011 uprising that toppled long-time ruler Muammar Gaddafi and triggered years of political fragmentation and security challenges.
Today, however, the North African producer is mounting an ambitious comeback.
