Libya Oil Output Hits 700,000bpd, NOC Lifts Moratorium on Investment
On 26 January, during a conference discussing the reconstruction of Libya held in London, the National Oil Corporation (NOC) chairman Mustafa Sanallah lifted Libya’s self-imposed moratorium on foreign investments in new projects in Libya. Libya’s oil production has also returned to over 700,000 bpd, after the NOC repaired a technical fault at the Sarir oilfield in south-east Libya which had caused production to fall by 60,000 bpd. Sanallah said that Libya aims to produce around 1.3 million bpd of by the end of this year and raise that to 1.6 million bpd by 2022.
Read this Forbes article for more information.