Libya plans to double oil output by 2027

2022-11-03 22:05:26
Libya plans to double oil output by 2027

Libya is aiming to nearly double its oil output to two million barrels per day by 2027, the head of its National Oil Company has said.

“We’re working on raising production to two million barrels per day in the next three to five years,” Farhat Bengdara said in an interview with Sky News Arabia, posted on the NOC’s Facebook page.

Bengdara said the country, which currently produces around 1.2 million bpd, was expecting revenues of “$35-$37 billion” this year.

“We need around $4 billion in new investment to modernise our infrastructure” including pipelines and storage facilities, Bengdara added.

The NOC chief was taking part in the ADIPEC energy conference in Abu Dhabi, where he also said he expected to sign an $8 billion deal with Italian major ENI by the end of the year to develop gas fields in Libya’s west.

Libya has been beset by violence and chaos since the overthrow and killing of its long-serving ruler Muammar Gaddafi following a bombing campaign by the US-led NATO military alliance in 2011. The North African country, which boasts the biggest proven crude reserves on the continent has been periodically shutting down exports due to the conflict.

The civil war in Libya escalated into a regional proxy war fueled by foreign powers, who poured weapons and mercenaries into the country.

Since 2015, Libya has been divided between the internationally recognized Government of National Accord (GNA) in Tripoli and lawmakers in Tobruk, allied to renegade military commander Khalifa Haftar.

The Government of National Unity of Libya was supported by countries such as Qatar, Turkey, some European countries and the United Nations, and countries such as Egypt, Russia, Saudi Arabia and the UAE also supported the army of Khalifa Haftar, a retired general based in Benghazi and Tobruk.

The two rivals fought for power in the country for several years, and after a year of intense conflict that led to the advances of the government of unity to the capital city of Tripoli, they announced a ceasefire in last August.

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