Libya is planning to boost oil production by about 8% by next December, with a view to raising its output to the highest in over a decade, Bloomberg reported on Friday.
Chairman of Libya's National Oil Corporation (NOC), Farhat Bengdara, told the US website that they should be able to pump 1.3 million barrels a day by the end of the year.
"Avoiding field closures and steps like improving oil workers’ pay already helped boost output by nearly a quarter since January 2022 to 1.2 million barrels a day now," he said.
The NOC's chief explained that investments worth $17 billion in 45 projects -if it persists- will boost production to two million barrels per day within five years, confirming readiness to offer additional development rights for oil fields next year.
According to Bengdara, the company will resume natural gas supplies from the Mellitah complex after maintenance, stressing the need to maintain a steady flow during the next five years.
The NOC signed an agreement worth $1.05 billion with the Italian company (Eni SpA) to capture flared natural gas, which would start operating in 2025.
International companies are focusing on expanding production in several main areas, such as the Oasis deposits, while the Eni and the British company BP are set to start new drilling operations by the end of 2024, according to Bengdara.