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Libya aims to double oil production to 2.1m bpd by 2021

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Libya hopes to double its oil production to 2.1 million barrels per day (bpd) by 2021 if the security situation of the country improves, chairman of its state oil company says.

The conflict-stricken country has numerous security problems to tackle, but things are likely to improve soon.

According to the NOC Chairman, Mustafa Sanalla, Libya’s output currently stands at 930, 000 barrels per day. This is however less than its pre-civil war capacity of 1.6 million bpd.

Sanalla called for the improvement of workers’ security to allow production to resume at the 315,000 bpd El Sharara oil field, which was taken over on Dec. 8 by tribesmen, armed protesters and state guards demanding salary payments and development funds, according to Reuters.

He said, “What happened in Sharara discourages foreign companies,” said Sanalla, who announced a visit to China in the first quarter of this year to discuss oil investment opportunities.

The NOC Chairman further confirmed the upcoming return of BP to Libya along with Russian companies, without giving further details.

Source OilPrice Reuters
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