Libya is considering a reward-and-penalties system for oil companies in order to motivate them to meet production targets. The ultimate goal is to boost the country's crude oil production to 1.4 million bpd by the middle of next year. According to oil minister Mohamed Oun, this production level will be possible to achieve if parliament passes the national budget that will provide financing for the oil sector for next year. In case Libya fails to pass a national budget with enough money for the oil industry, it would use oil service agreements with private local and international companies to try and boost its production, the official also said. The troubled North African country has struggled with a challenging political situation that has affected its oil sector, but it has managed to boost production to over 1 million bpd from a few hundred thousand bpd in a relatively short time.

Source: Libya Today December 20, 2021 15:26 UTC