Libya needs $3-4 billion to boost oil production, bidding round expected soon, oil minister says

Libya needs between $3 billion and $4 billion to reach an oil production rate of 1.6 million barrels per day (bpd), the acting oil and gas minister, Khalifa Abdulsadek, told Reuters on Saturday, adding that a new license bidding round is expected to be approved by the cabinet before the end of January.