The head of Libya’s oil industry has said that the country’s plans to raise oil output to 3 million barrels per day (bpd) has been put back until 2017, a delay of five years.
AFP reported that Shokri Ghanem, Libya’s Oil Minister, said that the North African state would wait until the market conditions were more favourable.
“Our plan was to reach three million barrels per day by 2012, but because of the market conditions, as well as budget constraints, we delayed it to 2017,” Ghanem is quoted by AFP as saying.
“By 2016-2017, we can reach the three million bpd target, but we need more budget allocations,” he added.
Libya has estimated oil reserves of 42 billion barrels and is ranked as the third largest oil producer in Africa behind Angola and Nigeria with a current output of 1.7 million bpd.
The head of Libya’s oil industry has said that the country’s plans to raise oil output to 3 million barrels per day (bpd) has been put back until 2017, a delay of five years.
AFP reported that Shokri Ghanem, Libya’s Oil Minister, said that the North African state would wait until the market conditions were more favourable.
“Our plan was to reach three million barrels per day by 2012, but because of the market conditions, as well as budget constraints, we delayed it to 2017,” Ghanem is quoted by AFP as saying.
“By 2016-2017, we can reach the three million bpd target, but we need more budget allocations,” he added.
Libya has estimated oil reserves of 42 billion barrels and is ranked as the third largest oil producer in Africa behind Angola and Nigeria with a current output of 1.7 million bpd.
