Tripoli, Minister of Oil and Gas “Mohammed Oun” expressed Libya’s aspiration that its oil production would reach about (2.1) million barrels per day, within a period of time ranging between two or three years.
In statements to Bloomberg, Minister Oun said that Libya may grant rewards to oil companies that fulfill their pledges to increase production to 1.4 million barrels per day by mid-2022, and those who do not comply may be punished.
The Minister of Oil and Gas indicated that (reaching this number is possible if a prepared budget for the sector is finally approved, which opens the door for financing, and otherwise, the state may conclude oil service agreements with national or private foreign companies to develop fields and enhance production.
Oun explained in his statements that Libya’s oil production currently ranges between 1.25 million and 1.3 million barrels per day, and if the state is stabilized through elections or the formation of the government, we hope to reach a production of (2.1) million barrels per day. According to Bloomberg.
Source: Libyan News Agency