The website Upstream revealed on Sunday that three companies holding stakes in one of Libya’s most important onshore oil assets are expected to sign an agreement “soon” to nearly double production to up to 700,000 barrels per day.
The site noted that the investment plan is part of Libya’s goal to boost production to 2 million barrels per day by 2030, up from the current 1.4 million barrels per day.
The report added that the National Oil Corporation of Libya, along with ConocoPhillips and TotalEnergies, are partners in the Waha Oil Company, with the Libyan state controlling around 59.17% of the shares, while each of the Western companies owns approximately 20.42%, according to the website.
