Continental Focus, International Reach

NOC Plans $50 Billion Spend

Wednesday, January 30, 2019

Libya’s state-owned National Oil Corporation has set aside a budget of around $50 billion for 2019 to develop its oil and gas sector, as it strives to reach a pre-2011 output level of around 1.6 million bpd by the end of this year, Chairman of Ras Lanuf Oil & Gas Processing Co. Shaaban Bsebsu told S&P Global Platts during an interview.

“Fifty billion dollars is the budget for this year to improve oil and gas production and to improve downstream [operations] but most of this is for crude oil,” Bsebsu was reported as saying.

To achieve these goals, the security problem in the country will need to be brought under control. Bsebsu said they are trying to sort out conditions “to be better.”