“We have announced seven or eight marginal fields already and have seen big interest from more than 30 companies,” said Farhat Bengdara, Chairman of the NOC, said in London on Tuesday. The Chairman outlined Libya’s efforts to increase production from 1.25 million to 2 million barrels per day (bpd) in the next two to three years. To achieve this target, the NOC has 45 greenfield and brownfield projects in the pipeline, to be developed at an estimated cost of $17-18 billion. “We need to ensure price stability for the coming years so that there is a healthy environment for increasing production,” said Bengdara. Libya also currently flares over 400 million cubic feet of natural gas and has 12 projects underway aimed at reducing gas flaring to near zero.
