Libya’s oil production surpasses annual target

The National Oil Corporation (NOC) announced that daily crude oil production has surpassed its annual target, reaching 1,405,609 barrels of crude oil and an additional 52,633 barrels of condensates. This milestone highlights the resilience and dedication of workers at production sites across the country, despite persistent challenges such as delays in the disbursement of the 2024 budget.

The NOC expressed, in a statement, pride in the achievement, emphasizing that it reflects the collective efforts of its workforce and partners. The corporation also revealed ambitious plans to further increase production in the coming years, supported by the recent launch of a bidding round for oil and gas exploration and production-sharing agreements.

This initiative aims to attract significant international investment, foster innovation in the energy sector, and enhance Libya’s oil and gas output. By encouraging foreign participation, the NOC anticipates increased revenues that will be reinvested into the national economy, as well as the creation of job opportunities for Libyan youth. Such developments are also expected to drive broader economic growth and stability in the country.

The NOC reaffirmed its long-term commitment to strengthening Libya’s oil sector and cementing its position as a key player in the global energy market. As part of its vision, the corporation aims to implement advanced technologies, improve operational efficiency, and establish partnerships that align with international best practices.

Moreover, the NOC reiterated its strategic role in supporting Libya’s economic recovery and development. By leveraging the country’s abundant natural resources, the corporation seeks to contribute to sustainable growth, improve living standards, and reinforce Libya’s standing in the global energy industry.