Libya is generating 1.25 million barrels per day (b/d) of oil and plans to increase production to 1.5 million b/d in 2020, the head of the state National Oil Corporation (NOC), Mustafa Sanalla, said, Zawya reported.

According to Sanalla, Libya wants to boost its oil production to 2.1 million b/d by 2024. Nevertheless, he said that in order to meet this target, and also expand natural gas production to 3.5 billion cubic feet per day (bcf/d), $60 billion of investments are needed.

Sanalla further said that another $400 million are needed to repair 20 storage tanks at the eastern oil ports of Ras Lanuf and Es-Sider. The tanks were wrecked in 2018 in a clash between rival factions.

In October, the government said it had allocated 1.5 billion Libyan dinars ($1.1 billion) for the NOC to maintain oil production in 2019-2020.