Page 10 - AfrOil Week 12 2023

AfrOil PERFORMANCE AfrOil

IMF expects Libya’s oil

output to rise 15% in 2023

LIBYA THE International Monetary Fund (IMF_ growth. The government should undergo
expects Libya’s crude oil output to rise by 15% to structural reforms to strengthen institutions, it
1.2mn barrels per day (bpd) in 2023, pointing to added. The Fund welcomed central bank meas-
the fact that oil and gas production will remain a ures such as adjusting downward the value of the
fundamental component of the country’s econ- dinar, which helped increase the international
omy in the foreseeable future, according to a reserves. It also welcomed the progress towards
statement on Wednesday, March 22. improving data collection, sharing and trans-
The Fund expects oil production to increase parency. ™
further beyond this year, but it also warned
that dependency on oil will have a risk from
the global clean energy race to reduce carbon
emissions.
“Looking ahead, assuming fiscal spending
remains contained, the baseline projection is for
gradually declining fiscal and external surpluses
over coming years.
The key risks to the outlook are lower oil
prices due to lower-than-expected global
growth, and renewed conflict and/or social
unrest that leads to disruptions in oil produc-
tion,” the statement reads.
Libya’s oil revenues stood at $22.19bn in
2022, representing 78.5% of the country’s total
public revenue, according to estimates from the
Central Bank of Libya. In 2021, the oil revenues
stood at $21.74bn.
The IMF said that Libya should develop
stronger and more inclusive private sector-led Crude oil generated 78.5% of Libya’s public revenues in 2022 (Image: EIA)

Global Petroleum raises prospective

resource estimate for Block PEL 94

NAMIBIA GLOBAL Petroleum (Australia) has updated its prospective resources (mean) by 89%, from
estimate of the prospective resources contained 218mn barrels of oil to 411mn barrels. This
within the licence area known as PEL 94, located serves to increase the total unrisked gross pro-
offshore Namibia in the Walvis basin. spective resources (mean) of the block – includ-
The company, which holds a majority inter- ing the Marula and Welwitschia Deep prospects,
est of 78% in the block and serves as its opera- plus the seven leads thus far identified within
tor, reported that it had revised the figure after PEL 94 – by 6% to 3.522bn barrels of oil, it stated.
undertaking further technical interpretation of Based on the size of its stake in the project,
its principal prospects, Marula and Welwitschia it also estimated its share of these unrisked net
Deep, and the leads in the eastern part of PEL prospective resources (mean) as 2.747mn bar-
94. Further analysis of existing 3D seismic data rels for the entire block and 321mn barrels for
in PEL 94 has led to an upward revision of the the Marula prospect alone.
previous figures, it noted in a statement dated Additionally, it said it had determined that
March 27. the estimated chance of success for the Marula
Specifically, Global said it had raised its esti- prospect now stood at 29%, up from the previ-
mate of the Marula prospect’s unrisked gross ous estimate of 22%.

P10 www. NEWSBASE .com Week 13 30•March•2023