By Sami Zaptia.
London, 31 January 2019:
Libya’s National Oil Corporation (NOC) says it needs US$ 60 bn of investment in its oil and gas sector over the coming years.
The news was confirmed to Libya Herald by the NOC’s media department today.
The clarification comes on the back of erroneous media reports that the NOC needs this amount in 2019. Libya’s total state annual budget is barely half that amount.
The NOC said the US$ 60 bn investment would be divided into US$ 20 bn for upstream and US$ 40 bn in downstream investments.
It is unclear how soon or how realistic this figure is. The NOC has failed to secure even its modest allocations agreed with the Faiez Serraj Presidency Council and Government of National Accord in recent years.
The NOC said it was aiming to produce 1.6 million barrels per day by the end of 2019, up from its 950,000 bpd average in 2018. It has a more ambitious production target of 2 m bpd by 2020.
Libya has not produced 1.6 bpd since the 2011 revolution that overthrew the Qaddafi regime, peaking at 1.4 m bpd in 2012.
It must also be recalled that Libya’s largest oilfield, Sharara, which can produce up to 350,000 bpd, has been closed since December due to it being occupied by militias.
