Minister says Libya needs $3-4 billion to boost oil production
Libya’s acting oil and gas minister Khalifa Abdulsadek told Reuters on January 18th that his country needs between $3 billion and $4 billion to reach an oil production rate of 1.6 million barrels per day (bpd).
He added that a new license bidding round is expected to be approved by the cabinet before the end of the month.
Abdulsadek stated that the goal is not just to get to 1.6 million bpd but to further grow it to 2 million bpd. The National Oil Corporation (NOC) says the national oil output reached 1,413,372 bpd on January 17th.
Reuters
