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Libya’s NOC defies uncertainty with bold investment plan
National Oil Corporation (NOC) chairman Mustafa Sanalla has unveiled a $60bn five-year investment plan to increase crude oil production from 1.25m b/d now to 2.1m b/d by 2024 and gas output to 3.5 bcf/d. Speaking at the Libyan British Business Council in Tunis on 26 November, he said that LYD15bn ($10.5bn) would come from state budgets and the remaining 80% from strategic investors.The first step is to spend a relatively modest $1.2bn to raise production to 1.5m b/d in 2020.
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