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Libya Requires Investment to Boost Production to 2mn bpd

OIL

Libya’s National Oil Corporation (NOC) requires a budget of $17bn to reach 2mn bpd production levels in the next three to five years according to its chief executive Farhat Bengdara.

  • He said that there were no obstacles to increasing output but that there is a lack of funding.
  • The NOC has a plan that includes projects stabilizing production and maintaining pipelines and equipment, and projects for increasing production, Bengdara said.
  • Current production in Libya has hovered around the 1.2mn bpd area for the last year.
  • Bengdara said that pipeline replacements would be the biggest boost for production.
  • "We promised to reach 1.3 million bpd and we have reached 1.295 million bpd before the end of the year. But we are talking about infrastructure that was built in the 1960s and had never been maintained, Bengdara added.
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