Libya Plans to Increase Oil, Gas Production to 2 million Barrels Per Day Over Next Three Years
Libya’s state-owned National Oil Corporation (NOC) aims to boost daily oil and gas production to two million barrels within the next three years, provided "the right funds are made available," according to Acting Chairman Masoud Sulaiman.
Tripoli: Libya’s state-owned National Oil Corporation (NOC) aims to boost daily oil and gas production to two million barrels within the next three years, provided “the right funds are made available,” according to Acting Chairman Masoud Sulaiman.
Speaking at the Third Libya Energy and Economy Summit in Tripoli on Saturday, Sulaiman highlighted the continuous recovery of Libya’s oil sector. He also outlined the NOC’s significant achievements over the past three years, including surpassing 1.41 million barrels of crude oil production per day, along with notable increases in gas and condensate production, as per a statement released on the NOC’s Facebook page.
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Advancing the Energy Sector
Sulaiman confirmed efforts to develop the local petrochemical industry and enhance refining capabilities to cater to both local and international markets. He stressed the importance of encouraging private-sector involvement as a vital service provider for the oil and gas industry.
On Friday, the NOC reported that Libya’s daily oil production exceeded 1.41 million barrels, while gas production surpassed 210,000 equivalent barrels.
Energy Summit and International Participation
The two-day Third Libya Energy and Economy Summit began on Saturday, with key attendees including Libyan Prime Minister Abdul-Hamed Dbeibah and secretaries-general from major energy organizations such as the Organization of the Petroleum Exporting Countries (OPEC), the Organization of Arab Petroleum Exporting Countries (OAPEC), the African Petroleum Producers’ Organization (APPO), and the Gas Exporting Countries Forum (GECF).
Challenges and Political Impact
Libya’s oil industry, the cornerstone of its economy, has faced significant challenges due to political disputes since the fall of former leader Muammar Gaddafi in 2011. Despite these hurdles, the NOC remains optimistic about the sector’s growth potential.
