National Oil Corporation of Libya (NOC) hopes to reach oil production of 1.7 MBD by the end of 2013
Dr. Nuri A. Berruien, Chairman of the Board, National Oil Corporation (NOC) of Libya
Libya has two large refineries and it needs to improve the performance of these to decrease the gasoline imports, which currently stand at 80% of the overall oil consumption in Libya. NOC Chairman Dr. Beruuien anticipates there will be three big refineries built in Libya, however it will be the private sector that will play a major role in these investments. 1955 petroleum law of Libya is being revised and NOC is also reviewing their EPSA models to encourage investment in Libya. NOC hopes for an oil production of 1.7 million barrels per day by the end of 2013 while the operating costs remain very low – close to US $5.5 per barrel. Dr. Berruien expects more oil discoveries in Libya as many areas have not been fully explored yet.