Key facts
- Libya's National Oil Corporation (NOC) plans to increase oil production.
- The target production level is 2 million barrels per day.
- The timeline for reaching this target is the early 2030s.
- Current oil production in Libya is 1.4 million barrels per day.
- A new unified budget has been approved for the NOC.
- The budget allocates over $2 billion in operating funds.
- The increased funding aims to boost confidence and attract foreign investment.
Libya's National Oil Corporation (NOC) has set an ambitious target to more than double its current oil production. The state-owned company aims to reach an output of 2 million barrels per day by the early 2030s. This represents a substantial increase from the current production level of approximately 1.4 million barrels per day.
To support this expansion, a new unified budget has been approved, earmarking over $2 billion in operating funds. This financial commitment is intended to foster greater confidence among potential investors and encourage foreign companies to invest in Libya's oil sector. The NOC's strategy hinges on attracting this foreign capital to facilitate the necessary infrastructure development and operational enhancements required to meet the production targets.