– National Oil plans to invest billions.

Catogory : Market Report

A member of the Board of Directors of the National Petroleum Corporation Omari Mohammed Mansour told reporters during an oil conference held in Cairo that the Foundation wants to invest $ 2 billion and develop 70 wells in 2018.

The same member confirmed during the conference held on Tuesday that the refinery works at 70% of the capacity.

Libya is seeking to expand the horizons of foreign investments in the field of oil to increase production and its promise of Libyan products to the highest level as in the past.

Libya’s oil production has recovered to new highs in a sign of continued improvement in daily production rates.

The head of the National Oil Corporation confirmed that the production of crude oil reached 794 thousand barrels per day.

The new figure for production in Libya, according to the source, which indicated that production is likely to rise more in the next few days, amid expectations of exceeding the barrier of 1100 thousand barrels per day.

Libyan oil officials expect to exceed the barrier of 1100,000 barrels per day within two months.