Libya Plans to Increase Oil Production to 2 Million

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The Chairman of Libya’s National Oil Corporation (NOC), Farhat Bengdara said that they plan to increase Libya’s production of crude oil to 2 million barrels per day.

Bengdara held a meeting with Libya’s NOC’s Budget Follow-up Committee to follow up on the settlement of overdue salaries.

According to the statement, the meeting also dealt with the NOC’s three-year plan, according to the extraordinary budget.

Bengdara said that increasing production “will be achieved in accordance with a 3-5 year medium-term plan, to increase crude oil production rates to two million barrels per day within available capabilities.”

Bengdara stressed that “the current capabilities, in terms of reservoirs and reserves, will help to reach these rates,” explaining that Libya’s crude oil production has surpassed 1.2 million bpd. He added that increasing oil production has been the main goal of the Board since taking office.

On 30 June, the Libya NOC stated that exports had ranged from 365,000 bpd to 409,000 bpd. This was a result of the force majeure declared on loadings out of the Es Sider and Ras Lanuf terminals. As well as production at the El-Feel oil field, following the closures of the Brega and Zueitina terminals.

Crude production reached a two-year low of 650,000 bpd in June, according to the latest Platts survey of OPEC+ output by S&P Global Commodity Insights, against a capacity of 1.2 million b/d.