Since 2004, Libya has revised its production targets downwards, and there have been few discoveries by international oil companies (lOCs). Power struggles continue within Libya's National Oil Corporation (NOC) and contradictory government statements over oil policy abound. 'Libya has reached a turning point, everything is moving slower than companies want and production growth is not as dramatic as hoped. Some policy change is needed,' said Ben Cahill, Head of Petroleum Risk at consultancy PFC Energy.
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