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Monday, August 15, 2022
After most only reaching just over one million barrels per day in daily production during July, Libya announced its goal to reach two million barrels per day following the lifting of force majeure at many of its major oil fields.
The new National Oil Corp (NOC) chairman, Farhat bin Qadara, stated “a medium-term plan will be outlined to achieve this goal, which will extend from three to five years and that will see the participation of several companies with their projects.”
Reaching this goal will be difficult considering much of its infrastructure is aging and in need of repair as the NOC has repeatedly reported over the past few years. The new regime is hoping to receive greater cooperation from the government to get back on track.
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