The state-held National Oil Corporation (NOC) of Libya has a budget of US$50 billion to invest in its oil and gas sector this year, as it looks to overcome safety and security challenges and restore oil production to the pre-civil war level of 1.6 million bpd, the chairman of one of NOC’s subsidiaries told S&P Global Platts in Japan. “Fifty billion dollars is the budget for this year to improve oil and gas production and to improve downstream [operations] but most of this is for crude oil,” Shaaban Bsebsu, chairman of Ras Lanuf Oil & Gas Processing Company, told Platts on the sidelines of an industry event in Tokyo. Libya is looking to boost its crude oil production to 1.6 million bpd in 2019 from around 1 million bpd currently, as it aims to solve security issues and invest in the upgrade of the old oil producing systems. Libya […]