Tripoli-based National Oil Corporation (NOC), the state company in de facto control of Libya’s oil sector, has targeted production of more than 1mn b/d by the second half of 2016, according to a senior official at the company. Achieving such a target, whilst not impossible, would rely on a succession of developments that still appear remote.
According to the NOC official, the state company is targeting production of 760,000 b/d by the end of March, increasing to 1.015mn b/d by September and to 1.065mn b/d by the end of the year (see table). January output was just 370,000 b/d, with an additional 52,000 b/d in condensate. Nominal production capacity is 1.76mn b/d, but the last time the country achieved output of more than 1mn b/d was in mid-2013, although it came close in October 2014. (CONTINUED - 723 WORDS)