Libya’s NOC Sets Sights on 1.5 mil b/d Oil Output Target in 2020

Libya’s main oil chief has set his sights on boosting oil production to 1.50 million b/d in 2020 from current levels of 1.25 million b/d, as the country’s oil production and exports have been largely unaffected this year despite the civil unrest engulfing the North African country.

Mustafa Sanalla, the head of state-owned National Oil Corporation, said late-Wednesday the rise assumes 350,000b/d of new output coming online next year, but that this will be slightly offset by a natural decline rate of 7%-8%.

Output has remained much below 1.6 million b/d since 2011 when the country descended into civil war that led tothe downfall of the Muamar Gadhafi regime.

The last time the country produced 1.50 million b/d was October 2012, according to S&P Global Platts data.

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