Given that Libya still has 48 billion barrels of proved crude oil reserves – the largest in Africa – recent comments from National Oil Corporation (NOC) chairman Farhat Bengdara that it is on track to rise oil production from the circa-1.2 million bpd seen in recent months to 2 million bpd within the next three years at the earliest might appear well-founded. So too might his comment that the NOC is also planning major bidding rounds for oil exploration blocks this year. However, politically-driven problems emerging last week at the Libya’s largest oil field – Shahara – and the nearby El-Feel field highlight the obstacles that…
