Libya’s crude oil output has averaged 1.2mn b/d since the start of 2021, the highest sustained level since 2013 (see chart 1). But the country’s National Oil Corporation is conscious that a step-up in investment from key IOCs is needed if it is to advance plans to boost output to 1.6mn b/d by 2023 never mind NOC’s highly ambitious 2.1mn b/d 2025 target (MEES, 11 June).
Libya Faces Uphill Task To Secure Much-Needed Upstream Cash
Libya’s crude output is at an 8-year high. But with $billions needed to achieve further gains, NOC is struggling to convert meetings, most recently with Shell, into investment commitments.
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Charts
1: Libya's Crude Output Averaged 1.2mn b/d For 1H 2021, The Highest Half-Year Figure Since 1h 2013 (mn b/d)
2: Libya's Key Waha Concession: Q2 Oil Output Was Almost 290,000 b/d, Level With 2018-19 Highs, But Gas Production Remains Subdued
3: Libya's Other Key Concession, Sharara, Also Produced At Near- Capacity Levels In Q2 Having Been Shut In For Most Of 2020 ('000 B/D)
REFERENCED MEES ARTICLES
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