Oil production in Libya has reached 1.2 million barrels per day (bpd) according to the country’s state-owned energy firm, the National Oil Corporation (NOC).
The production increase falls in line with national efforts to ramp up production to two million bpd by 2030, with output showing a steady increase over the course of 2023. Production averaged 1.12 million bpd in January this year, with the NOC targeting 1.3 million bpd by year-end.
Various investments have been made to bolster output, with an oil and gas licensing round announced by the NOC; production resuming at the El Sharara oilfield in July 2023; and both existing and potential E&P players invited to explore for hydrocarbons.
In addition to oil, the North African country’s condensate production reached 52,000 bpd. Domestic natural gas consumption also increased, hitting 1.9 billion cubic feet.
With over 53 trillion cubic feet of proven resources, the NOC is committed to strengthening investments in this industry, thereby increasing production and driving long-term economic growth.