Libya boosts output target

Relative stability is bolstering the North African nation’s rehabilitation programme, although significant investment challenges remain

Libya has increased its projection for increased oil production to 2.5mn bl/d, amid confidence it can renovate existing fields and find partners to develop new ones. Previously, Libya’s National Oil Corporation (NOC) had hoped to raise production, now hovering around 1.1mn bl/d, to 2.1mn bl/d within three years. But NOC chairman Mustafa Sanalla told June’s Libya Investment Forum, co-hosted by Petroleum Economist and the Libyan British Business Council (LBBC), that he hopes to go further. “The NOC has put together an ambitious plan to increase production to 2.5mn bl/d,” says Sanalla. “Huge investments are needed for execution of this ambitious project to meet our new production targets.”