2023-12-29 21:39:59
In areas of North Africa and particularly that of Maghreb is full of invaluable natural resources. A few years ago, the Libya produced a phenomenal amount of oil. The country was a global juggernaut in the production ofor noir. However, following the fall of the regime of Mouammar Kadhafi, Libya has fallen into a serious security and socio-political crisis. From then on, crude oil production at the national level took a serious hit.
Various armed gangs have been competing fiercely since 2011 for access to control of oil wells. Libya is healing its wounds, although poorly, and has begun its reconstruction process under the leadership of new actors. The central state intends to exploit the country’s primary wealth to revive the national economy.
During this year 2023, Libya managed to stabilize its oil production at 1,2 million barrels per day. This Saturday, December 23, the Libyan national oil company, through one of its subsidiaries, Waha Oil Company announced projects that will boost the oil sector of the Maghreb nation.
Depending on the stock of crude oil, specialists speak of “concession areas”. This is how Waha Oil Company notified the launch of oil prospecting activities in “concession area 31” through the drilling of exploration well T1-31. This area is known to contain significant oil reserves. The creation of the infrastructure was made possible thanks to a frank collaboration with giants in the sector such as TotalEnergies et ConocoPhillips.
According to sources from Waha Oil Company, this project will bring real added value. In addition to oil, the site will be able to deliver a good quantity of gaz. With the triggering of Russian-Ukrainian conflictthe price of hydrocarbons has taken off on the international market.
The producing countries took advantage of this to reap significant profits. Libya is in the process of replenishing its coffers thanks to its black gold. The war in Ukraine has forced several countries on the old continent to turn to new markets to obtain their hydrocarbon supplies.
North African countries have established themselves as real alternatives and Europe is rushing to this area to sign supply contracts. Maghreb countries like Algeria, Morocco and Libya can clearly stand out from the crowd and open up new perspectives. Libya is regaining its security stability and thanks to the economic projects that were launched, the country will be able to give itself the means to write a new chapter in its development.
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