Tripoli, Libya - Libya is targeting a daily production level of 1.7 million barrels of oil by the end of this year, Abdel Al-Bari Al-Arsi, the Libyan Oil Minister, said Saturday while visiting oil sites in the eastern part of the country.
PANA reports that Libya currently produces 1.4 million barrels of oil per day.
The Libyan National Oil Company recently announced the discovery of new oil and gas fields around the city of Ghadamech, about 650 km south of Tripoli, saying exploration of the new fields will enhance Libya’s capacity to produce the two products.
The new fields, discovered by a consortium of the Algerian company, SONATRACH, have an estimated production capacity of 500,000 cubic metres of gas and 2,188 barrels of oil per day.
This is the first field discovered by the consortium in the region since it started research operations in May 2008.
Libya, which is quickly restoring its production capacity, has Africa’s largest oil reserves estimated at 47 billion barrels.