Libya seeks $3-4 billion to boost oil output

Libya requires $3-4 billion to raise oil production to 1.6 million barrels per day, acting oil minister Khalifa Abdulsadek told Reuters Saturday. A long-awaited licensing round for 15-21 exploration blocks is expected by the end of January. Speaking at the Libya Energy and Economy Summit in Tripoli, Abdulsadek said oil constitutes 95% of Libya’s economic output, and that it aims to reach 2 million bpd as it rebuilds post-conflict capacity. The OPEC-member country was producing 1.6 million bpd before the NATO-backed uprising that toppled Muammar Gaddafi in 2011.