National Oil Company targeting production of 1.1 million barrels a day
Libya plans to almost double its crude production in 2017 as the oil sector continues to recover from years of lower output since the 2011 revolution.
Libya currently produces 600,000 barrels a day (b/d) and is aiming to reach 1.1 million b/d next year, chairman of the state-owned National Oil Company (NOC) Mustafa Sanalla said in a statement on the groups website.
The company is targeting production of 900,000 b/d by the end of this year, he added.
Production has risen from 260,000 b/d in August after a deal was reached with military commander Khalifa Haftar, whose forces have taken control of oil export terminals on the Mediterranean coast.
Libya, which has Africas largest oil reserves, was producing about 1.6 million b/d before the uprising that ousted former leader Muammar Gaddafi in 2011.
You might also like...
Hassan Allam and Siemens confirm Hafeet Rail award
24 April 2024
UAE builds its downstream and chemical sectors
24 April 2024
Acwa Power eyes selective asset sales
24 April 2024
Bahrain mall to install solar carport
24 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.