In Libya, the chairman of the National Oil Corporation, Mustafa Sanalla, has said that the company needs $2.5 billion in investment in order to increase its crude oil production from around 590,000 bpd to 800,000 barrels per day in 2017.

According to Sanalla, Libya’s crude oil output increased from about 290,000 bpd in mid-September to around 590,000 bpd now, after ports were reopened. He added that the country’s output growth is dependent on three major factors; the ports and pipelines’ ability to remain in operation, the lifting of the Riyayna pipeline blockade as well as meeting NOC’s budget demands.

If these three conditions are met, Libya will earn $15.847 billion from oil, petrochemicals and oil products next year, supposing an oil price of $45, Oil Price reports.

But in the event that the corporation’s demand for finance is not met, NOC’s production would stand at 520,000 bpd in 2017, with revenues at $11.72 billion, Sanalla added.

The Riyayna pipeline is expected to add 265,000 bpd to production and $4.5 billion to the oil revenues for 2017.

Anita Fatunji