22/11/2019, 7:18 am
Ed Reed
Libya expects to raise more than $20 billion in revenue in 2019, with production running at around 1.25 million barrels per day, the company’s chairman Mustafa Sanalla said at a conference in Tunis.
The plan is for 2020 to be a “transformative year for NOC and Libya”, he said. There are a number of aspects to the scheme, which should see production increase to 1.5mn bpd in 2020 and 2.1mn bpd by 2024. Gas output by that point should be 3.5 billion cubic feet (99 million cubic metres) per day.
NOC also intends to launch a charter for its values and implement a “4D security plan”, covering transparency, engagement with communities and restricting criminal gangs’ ability to carry out fuel smuggling and other sources of revenue raising. Sanalla set out plans for an “endowment fund”, under which communities hosting oil production would receive payments linked to output volumes.
The plan is for 2020 to be a “transformative year for NOC and Libya”, he said. There are a number of aspects to the scheme, which should see production increase to 1.5mn bpd in 2020 and 2.1mn bpd by 2024. Gas output by that point should be 3.5 billion cubic feet (99 million cubic metres) per day.
NOC also intends to launch a charter for its values and implement a “4D security plan”, covering transparency, engagement with communities and restricting criminal gangs’ ability to carry out fuel smuggling and other sources of revenue raising. Sanalla set out plans for an “endowment fund”, under which communities hosting oil production would receive payments linked to output volumes.
