Libya's National Oil Corporation plans to reopen oil sector for foreign investment again, the country's top oil official has declared, a step that aims to recover the country's ailing economy.
“We intend in the coming months to lift our self-imposed moratorium since 2011 on foreign investment in new projects to achieve the best national interest for the Libyan oil sector and for Libya as a state.”Chairman of NOC Mustafa Sanalla declared on Tuesday.
In his address at the Middle East and North African Energy conference in London, Sanalla said NOC-driven projects to expand oil production could create a virtuous circle of domestic economic stimulus and security, while raising Libyan oil production to a forecast 1.25 million bpd by the end of 2017 and 1.6 million bpd by 2022.
He added that all major oil ports in the country are now open after three years of blockades by the Petroleum Facilities Guards, Ibrahim Jodran's militia group.
“We cannot rely on the international community to save us. We don't know when the transitional period will end. We cannot stand back and do nothing while the state disintegrates." Sanalla stated.
Libya has the largest oil reserves in Africa and is among the top world countries with the biggest proven oil reserves. Oil production was disrupted in 2011 after the 17 February revolution. Its current production is about 700.000 bpd.