East Libya to Punish Oil Companies Backing Rival Government
- Libya plans to boost oil output to 2 million barrels a day
- National Oil Corp. seeking to lift force majeure at oil ports
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Libya’s internationally recognized government plans to boost oil production five-fold and will punish companies working with a rival cabinet striving to control the divided North African nation’s crude deposits.
Oil companies operating in Libya or seeking to do so must register with the National Oil Corp. controlled by the elected government based in the country’s eastern region, Deputy Prime Minister Abdussalam Elbadri said Wednesday at a conference in Valletta, Malta. The NOC will refuse to renew the contracts of any companies that don’t support the elected government, NOC Chairman Nagi Elmagrabi said in an interview in Valletta. The country plans to boost crude output to 2 million barrels a day by 2020, he said.