The National Oil Corporation (NOC) announced on Tuesday that it aims to raise its crude production capacity to more than 2 million bpd by 2022.
Libyan oil production currently stands at about 1 million barrels per day, well below the pre-2011 levels of 1.6 million barrels per day, with oil revenues accounting for 98% of the state's financial revenues.
Libya aims to raise its crude production capacity to more than 2 million bpd by 2022, the oil company said on its website on Tuesday. "Libya will target all investment markets to support this strategy."
The Oil Corporation has taken several steps to achieve the ambitions to return to the previous production levels, including the desire to invest $20 billion over the next three years to restore production capabilities. Adding that they will establish its only overseas office in Houston, Texas Which is an opportunity for service providers and oil companies to invest in Libya.