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,...
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