Libya plans to start opening the doors to foreign investors that may be ready to step back into the country’s oil sector, Al Bawaba reported citing the Libyan National Oil Corporation’s Chairman, Mustafa Sanalla.
Speaking at a conference in London, the chairman said it was now time to open the country up for foreign investments as all major export arteries out of the country are open following at least three years of conflict-linked blockades, UPI informed.
“We intend in the coming months to lift our self-imposed moratorium since 2011 on foreign investment in new projects to achieve the best national interest for the Libyan oil sector and for Libya as a state,” he said.
Sanalla told delegates gathered at the Chatham House event in London that Libya aims to produce around 1.3mb/d of oil by the end of 2017 and raise that to 1.6mb/d by 2022, which makes the country prone to new investments inflow.
Secondary industry sources told OPEC that Libya produced around 608,000 b/d in December 2016, an increase of about 5% from the previous month. Libya is exempted from a managed output freeze agreement organized by the Organization of Petroleum Exporting Countries (OPEC) that aims to restore balance to the global market bogged down by oversupply.