Farhat Bengdara, chairman of the Libyan state National Oil Corporation (NOC), looks on during a news conference in Tripoli, Libya July 14, 2022. REUTERS/Hazem Ahmed/File Photo Acquire Licensing RightsTRIPOLI, Nov 27 (Reuters) - Libya's oil state firm the National Oil Corporation (NOC) needs a budget of $17 billion to increase national oil output to 2 million barrels per day in three to five years, its chief Farhat Bengdara said in an interview. The NOC has a plan that includes projects stabilizing production and maintaining pipelines and equipment, and projects for increasing production, Bengdara said. "We promised to reach 1.3 million bpd and we have reached 1.295 million bpd before the end of the year. Oil production is Libya's main economic source and it represents approximately 90 percent of the economy of the entire country.

Source: Libya Today November 27, 2023 19:08 UTC