• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 32 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 days The United States produced more crude oil than any nation, at any time.
  • 10 days e-truck insanity
  • 9 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 6 days How Far Have We Really Gotten With Alternative Energy
  • 8 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 9 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 10 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 10 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
OPEC+ Rules in an Increasingly Tight Oil Market

OPEC+ Rules in an Increasingly Tight Oil Market

The market is growing increasingly…

Oil Moves Down on Inventory Rise

Oil Moves Down on Inventory Rise

Crude oil prices inched lower…

Energy Stocks Rally Under The Radar

Energy Stocks Rally Under The Radar

Big Oil is trumping the…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Libya Once Again Tries To Boost Oil Production

  • Libya is considering a reward-and-penalties system for oil companies
  • The ultimate goal is to boost the country's crude oil production to 1.4 million bpd by the middle of next year
  • Libya is currently producing 1.25-1.3 million bpd, the country's oil minister told Bloomberg
Libya

Libya is considering a reward-and-penalties system for oil companies in order to motivate them to meet production targets.

Per a report by Bloomberg, the plan includes introducing new contracts for private companies, under which the companies will stand to receive bonus payments if they meet their targets and be penalized if they fail to do so.

The ultimate goal is to boost the country's crude oil production to 1.4 million bpd by the middle of next year. According to oil minister Mohamed Oun, this production level will be possible to achieve if parliament passes the national budget that will provide financing for the oil sector for next year.

In case Libya fails to pass a national budget with enough money for the oil industry, it would use oil service agreements with private local and international companies to try and boost its production, the official also said.

Libya is currently producing 1.25-1.3 million bpd, the country's oil minister told Bloomberg, adding that "If the state is stabilized through elections or the forming of a government, we hope to reach 2.1 million barrels within two or three years."

The troubled North African country has struggled with a challenging political situation that has affected its oil sector, but it has managed to boost production to over 1 million bpd from a few hundred thousand bpd in a relatively short time. The latest political trouble has come from a spat between the National Oil Corporation and the new government, which led to the suspension of NOC's chairman, Mustafa Sanalla, from his post not once, but twice.

Before the last suspension, in October, Sanalla boasted a revenue windfall thanks to the oil price rally, saying, "Everyone is happy. Production rates are wonderful, and the price boom is an important and encouraging sign. We expect a significant reduction in the deficit that the public budget has suffered for the last years, and we are optimistic that financial stability will contribute to creating an investment environment, especially in the infrastructure of the national oil sector."

By Irina Slav for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News