Libyan state energy company National Oil Corporation (NOC) has allocated a budget of $2bn for 2018 to maintain production levels at around 1mn b/d. Efforts to reach 1.25mn b/d appear to have been shelved.

The planned spend was unveiled by NOC board member Ammari Mansour at the Egypt Petroleum Show in Cairo from 12-14 February. Planned field developments include drilling 70 wells and “stimulating another 2,000” said Mr Mansour. The firm has also allocated $50bn for downstream...