Libya’s oil production is estimated to reach 1.25 million b/d by the end of 2017, Libya’s National Oil Company’s (NOC) Head, Mustafa Sanalla, declared on July 19, as reported by the Daily Mail.
The North African country is targeting 1.5 million b/d of oil by the end of 2018, with hopes of reaching 2.1 million b/d after four or five years, Sanalla added during his visit to Benghazi to negotiate with oil companies’ chiefs on reuniting the sector, Al Arabiya informed.
“Despite a surge of more than 1 million b/d, oil production would fluctuate in the absence of a budgetary law,” NOC’s Head stated.
Libya, that holds estimated oil reserves of 48 billion barrels, was capable of producing 1.6 million b/d before the armed uprising that killed former president Moamer Kadhafi in 2011.
By the end of 2014, most of the oil fields and terminals had to close because of the warring parties who were fighting over the control of the country’s reserves.
Libya stopped exporting oil until September 2016 when Ras Lanuf terminal reopened. The boosting of oil production and exports is highly needed in order to reform Libya’s economy.