Libya aims to hike oil production to 2 million bpd, officials say

A government officials’ meeting held on Tuesday in Tripoli discussed the implementation of extraordinary budget to be given to the National Oil Corporation (NOC). The attendees also called for a down-to-earth plan that hikes the oil production in Libya to 2 million barrels per day (bpd).

The meeting was attended by the Head of the Presidential Council Mohammed Menfi, Prime Minister of the Government of National Unity Abdul Hamid Dbiebah, Central Bank Governor Al-Siddiq Al-Kabir, Head of the Audit Bureau Khalid Shakshak, Chairman of the Administrative Control Authority Suleiman Al-Shanti, Head of the Finance and Planning Committee in the House of Representatives Omar Tantoush, Minister of Finance Khalid Al-Mabrouk, Minister of Gas and Oil Mohammed Oun, and Minister of Planning Mohammed Al-Zaydani, in addition to National Oil Corporation’s Chairman Farhat Bengdara.

The meeting discussed the implementation of the extraordinary budget of the NOC and identifying the actual steps and their impact on the stability of the NOC and increasing production. There was also also a presentation that transparently disclosed the spent funds, and clarified the implementation steps, as well as the technical and administrative notes regarding the NOC’s work and plan.

The attendees stressed the need to support the NOC and have a system of governance within it, in addition to preparing long-term and medium-term plans for the oil sector, which could contribute to the stability and increase of production.

They reaffirmed the need for a realistic plan, so that production reaches 2 million bpd, hailing the efforts that contributed to the return of oil production to pre-closing rates, exceeding 1.2 million bpd. The Central Bank of Libya approved last week the April-ordered temporary and emergency financial arrangements for the NOC worth 34.3 billion dinars. 15 billion dinars had been spent so far.


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