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Libya targets 2 million bpd oil output by early next decade
Libya’s National Oil Corporation says a 2026 unified budget, brokered with US help, provides more than $2 billion as an operating lifeline to fund investments.
Libya’s National Oil Corporation (NOC) is aiming to lift crude production to 2 million barrels per day by the early next decade, up from about 1.4 million bpd currently, NOC chairman Masoud Suleman said in an interview with Bloomberg published Friday.
Suleman attributed the push to a 2026 unified budget, brokered with help from the United States, that includes more than $2 billion, or 13 billion Libyan dinars, for NOC as an operating budget.
The NOC chief said the funding is expected to make it easier to attract investment across Libya’s oil and gas sector, particularly as international oil and gas firms have returned and resumed operations and partnerships.
He also pointed to recent developments including NOC and Austrian energy firm OMV declaring the Essar oil discovery commercially viable last month, as Libya works to revive upstream activity after years of civil conflict.
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