Libya to Increase Oil Production to 2.5 Million bpd

Shukri Ghanem, head of "Libyan National Oil Corporation" said that the Company is moving ahead with its expansion, hoping to increase its production capacity to at least 2.5 million bpd by 2015 and will spend about US$6 billion on expansion projects and the development of fields during 2010.

Ghanem said that despite the fact that Libya currently has the capacity to produce two million bpd; the country has sought to increase its production capacity to 2.5 million bpd by the year 2015. Ghanem did not give any specific figures on the production target at the end of 2010 but mentioned that it will cross the limit of two million barrels per day. - AM Info