Libya’s production dropped below 100,000 bpd in March as an embargo prevented exports and insecurity around fields disrupted operations. The Tripoli-based company faces financial hurdles, it noted, and budget shortfalls. As a result, it has run up debts and delays in salary payments.
It may not be able to maintain output at this level, NOC warned. Current production “may be reduced or totally ceased” because of some unnamed entities, which are hindering NOC’s efforts, it said.
Production was around 1.25 million bpd in 2019, earning more than $20 billion. NOC had hoped to increase output to 1.5mn bpd in 2020 and to 2.1mn bpd by 2025. As a result of this year’s problems the company has pushed back plans, but hopes to reach 1.2mn bpd by the start of 2021.
Efforts are under way to secure a more sustainable peace agreement. The Libyan Political Dialogue Forum is continuing in Tunisia.