Libya to Enhance Its Oil And Gas Production Capacity

The Libyan National Oil Corporation (NOC) said on Friday that Libya aims to enhance its production capability in the fields of oil and gas through a new policy based on transparency in dealing with international companies regardless of their nationalities.

According to the NOC chairman Shukri Ganim, the NOC is targeting 3 billion barrels a day oil production.

He said due to an increase in oil prices, Libya achieved US$40 billion in oil revenue last year which also saw an increase in its income from the oil sector.

Ganim estimates the Libyan reserve of crude oil to be 43 billion barrels and the average daily production as 1.8 million barrels in addition to 2766 million cubic meters of gas daily.

An official Libyan oil source assured that Libya is able to export 3 million barrels of oil daily following the expansion of the storage capacity of crude oil in the exporting harbors.

“Libya made more than US$30 billion investments in oil and gas and it plans to work for new oil explorations, to redevelop old refineries and to construct between 3-5 new refineries,” official sources said.

Oil constitutes 90% of Libya’s income.

Source African Press Agency

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