Libya’s newly announced Minister of Gas and Oil, H.E. Mohamed Oun announced that the country’s oil sector will receive sufficient funding to advance oil facilities and increase its output.

A budget of approximately $1.6 billion has been allocated to Libya’s state-owned oil company, the National Oil Corporation.

“There is a reasonable allotment of funds for oil-sector activities,” said the minister. “We believe it may suffice for the remaining 10 months of 2021.”

With one third of the budget allocated to the oil sector in 2021, the funds will assist the national oil company in the rehabilitation of the sector, which is a priority for the government, following conflict that left pipelines and fields damaged.  

Currently, output levels are at 1.2 million barrels a day, however, the national oil company states that with sufficient funding – which the minister has assured that the government will provide financial and logistical support – oil output is expected to increase to 1.45 million barrels this year and 1.6 million in two years.