Libya Plans to Raise Oil Production to 1.6-Million BPD by 2022

Libya could increase its oil production to 1.6 million barrels per day (bpd) by mid-2022, provided the north African country’s National Oil Corporation (NOC) receives necessary funding.

Libya currently produces approximately 1.2 million bpd, up from its average oil production of 1.163 bpd in June this year, according to OPEC’s latest Monthly Oil Market Report.

To date, the Libyan government has provided $327.68 million – pending approval of the budget for 2021 – to the NOC for the development of the country’s energy sector.

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Source: EnergyCapitalReports

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