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Monday, January 30, 2017
Mustafa Sanalla, chairman of Libya’s National Oil Corporation (NOC), said Libya plans to allow foreign oil companies to invest once again in the country’s oil and gas sector.
“We intend in the coming months to lift our self-imposed moratorium since 2011 on foreign investment in new projects to achieve the best national interest for the Libyan oil sector and for Libya as a state,” Sanalla said.
The NOC chairman said NOC-driven projects to expand oil production could create a virtuous circle of domestic economic stimulus and security, while raising Libyan oil production to a forecast 1.25 million bpd by the end of 2017.
The country hopes to return it its pre-civil war capacity of around 1.6 million bpd by 2022 according to Sanalla.
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