The Head of Libya’s National Oil Corporation (NOC) Farhat Bengdara said he had the backing of both the government in Tripoli and Khalifa Haftar who controls the east of the country, as he outlined plans to attract investment and boost production, according to the Financial Times.
Bengdara said he enjoyed support across the divided country, which had allowed Libya to restore production to 1.2 million barrels per day (bpd), adding: “I can travel anywhere in Libya — south, east, west, north, wherever — and I’ve been working with all parties. That kind of support is very important for NOC to continue production and continue improvement.”
Bengdara said his aim was to lift production to 2 million bpd over three to five years, as he pledged to review Libya’s fiscal regime to attract more foreign investment. He pointed to a $8 billion deal signed in January with Italy’s Eni to develop an offshore gasfield as evidence of progress, and saying: “You will see more of these big projects in Libya.”
“Planned changes to the fiscal regime for oil and gas investments would make Libya more “attractive to international investors.” He said, adding that the NOC was establishing a separate department to focus on gas production, with the aim of exporting more to European countries seeking to replace supplies from Russia.