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Libya’s NOC details its visin for increasing oil production

The Libyan National Oil Corporation (NOC) published new details about the meeting in Washington with high profile officials from the US.

NOC said in a statement that during the meeting, Dr. Jamal Houwaisa, principle advisor to the NOC Board, presented the corporation’s strategy to increase Libyan production to 2.1 million barrels of oil and 4 billion cubic feet of gas per day by 2024.

According to the NOC, Dr. Houwaisa also presented NOC’s offer to potential buyers and investors in the Libyan oil sector.

“Our investment programme covers exploration, infill drilling, water injection, well workovers, new field development, damaged facility rehabilitation and expansion.” NOC Chairman Mustafa Sanalla said.

During the meeting with senior officials from the US State, Treasury and Energy departments, Sanalla further detailed the constraints on operations arising from the lack of necessary funding and unstable security conditions, which prevent capacity increases and risk a sharp fall in production.

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