TTE TotalEnergies SE

By Benoit Faucon

Libya intends to reopen its oil sector to new foreign investments as it seeks to double its output, its oil chief said Tuesday.

Production in the North African nation has tripled since this summer to about 700,000 barrels a day. The ramp-up came as the country's militias agreed to let key oil ports and fields to reopen following the appointment of a unified government.

But speaking at the Chatham House think-tank in London, Mustafa Sanallah, chairman of the state-run National Oil Co., said he wanted to step up the revival of his country's oil industry by bringing back investment from foreign companies.

"We intend in the coming months to lift our self-imposed moratorium on foreign investment in new projects," he said.

International oil companies such as Italy's Eni SpA, France's Total SA and Spain's Repsol SA have continued operating in Libya following the civil war that toppled strongman Moammar Gadhafi in 2011. But after unrest continued, NOC decided to freeze new foreign investments in the country.

Mr Sanallah said studies before the civil war had estimated Libya's oil industry needed investment of $100 billion to $120 billion. With investments expected to flow again, Libya now expects to boost its output to 1.25 million barrels a day by the end of this year and return to its prewar production level of 1.6 million barrels a day by 2022.

Write to Benoit faucon at Benoit.Faucon@wsj.com

(END) Dow Jones Newswires

January 24, 2017 06:39 ET (11:39 GMT)

TotalEnergies (EU:TTE)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024

TotalEnergies (EU:TTE)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024