Libya’s National Oil Corporation (NOC) has announced it requires up to $17 billion in investments over the next three to five years to bolster its financial capabilities and elevate the country’s oil production to two million barrels per day (bpd).
According to Farhat Bengdara, Chairman of the state-backed oil firm, the capital injection will enable the NOC to optimize its operations, stabilize production and undertake essential repairs and the modernization of infrastructure and equipment. Bengdara highlighted the urgency of replacing deteriorated pipelines, originally constructed in the 1960s.
“These pipelines have expired and must be replaced,” stated the Chairman, adding that the company has “a project to replace a part of the eroded pipelines from the Messla and Sarir fields to the Port of Hariga, and another project of a line from El Sharara field to the Port of Mellitah.”
In addition to aging pipeline infrastructure, 70% of storage capacity has been affected by previous conflict in the country. According to the Chairman, Libya is currently producing 1.295 million bpd, with a target to achieve 1.3 million bpd by the close of 2023.
