Oil Production could Double within 5 Yrs

By John Lee.

IHS Markit reports that Libya’s oil liftings have been close to 960 thousand barrels per day (bpd) on average between early April and mid-June, with growth of almost 40 percent since the first quarter of this year.

It says that Libya’s oil production could surpass 2 million bpd by the end of 2023, “assuming there are no future disruptions which would allow the country to secure required investments to improve the technology used and start more projects in near future”.

The country has already been in discussions with some of the major oil companies regarding procurement contracts worth $60 billion.

Click here to read the full report.

(Source: IHS Markit)

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