FIRST AIRED: October 19, 2017

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Transcript

00:00:00
>> The revival of Libya's oil industry is limping along. It's facing the same economic and security problems that threaten the promise of stability and a better life for the divided country. Some 6 million people call the North African nation home. It has vast oil wealth, and with Africa's largest proven reserves, it should be relatively well off.
00:00:23
Libya's oil production increased quite rapidly over the past year. Up to about a million barrels a day earlier this summer. But it's unstable and under threat, says Reuters' Aidan Louis in nearby>> One, is the security situation. Armed groups have been shutting down oil facilities in order to make demands for their own members and, they claim, for local communities.
00:00:49
Another problem is technical, a lot of the gains that were made were quite quick and easy. And in order to increase production further, the NOC needs to spend much more money and do more technically complicated work, and this needs investment.>> That investment hasn't been coming through at the rate the National Oil Corporation would like it to.
00:01:16
And current oil reserves aren't enough to reverse the country's economic slide.>> Which is a source of enormous frustration to Libyans who witnessed the revolutions six years ago and then have lived through disappointment of seeing the economy largely collapse since then. Partly because of the political divisions, but, also, because of the problems around oil production and the inability to turn any of that oil revenue into improvements in how people live and living conditions and public services.
00:01:53
>> Along with Nigeria, Libya is exempted from OPEC level production cuts. But to reach the production levels seen before 2011's civil war, is for now a pipe dream.