Libya’s state-run oil company, National Oil Corporation (NOC), plans to increase oil production to 2 million barrels per day as most of the country’s oil fields resume operations.
Farhat binQadara, Chairman of NOC, stated that a medium term plan will be created to achieve this goal. This plan will span from three to five decades and will include the participation of many companies with their own projects.
The NOC boss also stated that the production rate for the last month slightly exceeded the figure at one million barrels per day.
Libya’s daily oil output in July increased to 1.025 million barrels per day after a three-month decline. Early this year, the country’s daily production was 1.3 million bpd but sharply declined over repeated closures of several oil fields and ports.
Source: north africa post