NOC Charm Offensive To Encourage Resumption Of Investment

Despite only modest Q4 2016 Libya production figures from international oil companies (IOCs), a recent acceleration in crude output growth has encouraged Libyan state oil company National Oil Corporation (NOC) to push for a further ramp up in crude output and a resumption of outside investment in the country.

According to NOC projections shared by chairman Mustafa Sanallah at London’s Chatham House in late January, the state firm is targeting oil production of 1.25mn b/d by the end of 2017 (see chart 1). If NOC meets its objectives, Libya will average just short of 800,000 b/d in February, reach 1mn b/d in April, 1.1mn b/d in June and 1.2mn b/d by August, says Mr Sanallah. (CONTINUED - 1551 WORDS)

DATA INSIDE THIS ARTICLE

chart Libya’s Noc Targets 1.25mn B/D By Late 2017 (‘000 B/D)
chart Libya Waha Consortium Crude Output (‘000 B/D)