By Sami Zaptia.
Oil Minister Mohamed Aoun says oil production will increase but the NOC needs an increased budget (Photo: GNU).
London, 3 June 2021:
Libya’s Oil Minister Mohamed Aoun said Libya’s oil production before the 2011 revolution had reached an estimated at 1.7 million barrels per day (bpd), and that the National Oil Corporation (NOC) plans to reach 1.5 bpd by the end of this year.
NOC revenue will be released to CBL as normal after unified government
He said the agreement to withhold oil revenues from the outgoing government in the NOC’s Libyan Foreign Bank was between the then conflicting parties and to try to speed up the arrival of a unified government, which is what happened, but now the system will return to how it used to be after the unified government was approved.