Libya’s National Oil Corporation (NOC) is eying LD31bn ($6.9bn) to fund operations and investments in 2022, its chairman Mustafa Sanalla said earlier this month. This would allow Libya to increase output to 1.4mn b/d up from 1.2mn b/d in 2021, he says.
Despite accounting for almost all of Libya’s export earnings and fiscal spending, Libya’s oil sector remains vastly underfunded. Mr Sanalla says his firm entered 2021 with debts of some LD2.28bn ($509mn). (CONTINUED - 240 WORDS)