This archive report was first published on 16 January 2022.
On the back of a recovering global economy, Libya's oil and gas exports reached a 5-year high of $21.5 billion in 2021, according to the state-run National Oil Corporation (NOC).
As reported by the NOC, the country's oil and gas exports also included 30 million euros in non-dollar sales, a significant boost to the nation's economy.
Speaking on the matter, NOC chief Mustafa Sanalla attributed the recovery to the global economy's rebound from the coronavirus pandemic, stating, 'The end of the year 2021 recorded a recovery, and oil prices achieved their largest annual gains since 2016, driven by the recovery of the global economy from the state of stagnation.'
Libya, which boasts the largest known oil reserves in Africa, has long relied on revenues from its hydrocarbon exports. However, the country's decade-long struggle with violence since the 2011 overthrow of dictator Moamer Kadhafi has led to frequent blockades and damage to oil installations, forcing the NOC to declare force majeure on several occasions.
Despite this, oil production has recovered to 1.2 million barrels per day, a significant increase from the 1.5 million to 1.6 million bpd seen before the 2011 uprising.
However, Sanalla warned that the oil sector's ability to invest and modernize infrastructure will remain weak in the foreseeable future due to budget constraints.
As the NOC looks to the future, Sanalla emphasized the need for innovative solutions to save the country's infrastructure, stating, 'What we need more than ever is to think outside the box and create initiatives to save the infrastructure.'
