The National Oil Corporation (NOC) is to approve $ 50 billion for this year's budget to boost oil and gas production and improve the production process, CEO of Ras Lanuf Oil & Gas Company Shabaan Basibso told Global Plats.

Basibso emphasized the company's efforts to increase its outputs from one million barrels of crude oil to about one million six hundred thousand barrels, with a plan to cross two million barrels by 2020, after overcoming technical and security challenges.