Libya wants to boost output to 2mn b/d in the “medium term,” says new NOC chairman Farhat Bengdara. “We will have each company [NOC subsidiary] present a plan towards our goal of reaching 2mn b/d within three-to-five years,” he said during a meeting this week on the oil sector which included prime minister Abdelhamid Dbeibeh and central bank governor Sadiq al-Kabir.
The 2mn b/d target is not new. Recently ousted NOC head Mustafa Sanalla presented a $60bn plan to reach 2.1mn b/d through existing projects back in 2019 (MEES, 22 November 2019). But political instability, funding issues and a lack of technical expertise has prevented progress. (CONTINUED - 155 WORDS)