Nafusa Oil Operations plans to begin producing 10,000 barrels per day (b/d) of oil from Block 47 in Libya’s Ghadames Basin, Reuters reports.
Funds for the project, however, have not been approved yet, according to the news agency.
The energy sector in Libya has struggled to generate the cash necessary to invest and maintain its oil fields and infrastructure. National Oil Corportation (NOC), Libya’s state oil company, had reportedly only received one-quarter of its allocated budget in October, the Financial Times reported.
Nafusa is a joint venture between the NOC, Medco Energi Internasional, and the sovereign wealth fund of Libya.