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Libya Mulls Bonuses for Oil Firms in Bid to Boost Output

Libya may introduce contracts with private oil companies that would give bonuses to those that meet targets and penalize those that don’t, as the OPEC member tries to raise output to 1.4 million barrels a day by mid-2022.

Reaching that figure is possible if a national budget is finally passed that unlocks funding for the sector, according to Oil Minister Mohamed Oun. Otherwise, the North African nation may undertake the oil service agreements with private Libyan or foreign companies to develop fields and boost production, he said.