Libya is considering a reward-and-penalties system for oil companies in order to motivate them to meet production targets. Per a report by Bloomberg, the plan includes introducing new contracts for private companies, under which the companies will stand to receive bonus payments if they meet their targets and be penalized if they fail to do so.
The ultimate goal is to boost the country's crude oil production to 1.4 million bpd by the middle of next year. According to oil minister Mohamed Oun, this production level will be possible to achieve if…Libya Once Again Tries To Boost Oil Production
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