Middle East Economic Survey

VOL. LII

No 30

27-Jul-2009

LIBYA

Faltering Upstream Progress Undermines Libyan Output Targets

The discreet revision by Libyas state-run National Oil Corporation (NOC) of its oil production forecast in May, from 3mn b/d by 2013 to 2.3mn b/d, largely reflects radically different economic circumstances to those of just a year ago. The company had raised expectations of its ability to achieve the higher output target, launching a string of upstream bid rounds since 2005,...