Key facts
- Libya's National Oil Corporation (NOC) aims to increase oil production to 2 million barrels per day by the early 2030s.
- Current production stands at approximately 1.4 million barrels per day.
- A unified budget, facilitated by the United States, allocates over $2 billion to NOC's operating budget.
- NOC has signed exploration and production-sharing agreements with international companies including Repsol, Turkish Petroleum, Eni, QatarEnergy, and MOL.
- Libya launched its first oil and gas exploration bid round in 18 years.
Libya's National Oil Corporation (NOC) is confident in its ability to significantly increase oil production, targeting 2 million barrels per day by the early 2030s, a substantial rise from the current output of approximately 1.4 million bpd. This ambition is bolstered by a new unified budget, brokered with U.S. assistance, which provides the NOC with over $2 billion in operating funds. This financial lifeline, absent in the previous year's budget, aims to alleviate funding delays that have historically hampered operations and deterred partners.
The improved financial outlook and the resumption of operations by international oil and gas companies are key to NOC's strategy. Recently, NOC and Austrian firm OMV declared an oil discovery commercially viable. Libya is actively seeking to revive its upstream sector, launching its first oil and gas exploration bid round in 18 years, with agreements already signed with major international players like Repsol, Turkish Petroleum, Eni, QatarEnergy, and MOL.