Libya aims to boost daily oil, gas production to 2M barrels over next 3 years
Date
1/19/2025 7:00:57 AM
(MENAFN) Masoud Sulaiman, the Acting Chairman of Libya's National Oil Corporation (NOC), announced on Saturday that the company aims to boost daily oil and gas production to two million barrels within the next three years, contingent on securing the necessary funding. Speaking at the third Libya energy and Economy Summit in Tripoli, Sulaiman highlighted that Libya’s oil sector has been on a steady path of recovery. Over the past three years, the NOC has achieved significant progress, including increasing crude oil production to over 1.41 million barrels per day, alongside notable gains in gas and condensate output.
Sulaiman also emphasized the NOC's ongoing efforts to advance the local petrochemical industry, noting that the corporation is working to enhance refining capacities to meet both local and international demand. He stressed the importance of encouraging private sector involvement in supporting the oil and gas industry, particularly in service provision, which he believes will play a key role in future developments.
On Friday, the NOC revealed that Libya’s daily oil production had surpassed 1.41 million barrels, with gas production exceeding 210,000 equivalent barrels. These achievements reflect the recovery and expansion of Libya's energy sector, which has faced challenges in recent years due to political instability.
The Third Libya Energy and Economy Summit, which began on Saturday, brings together key figures in the global energy sector, including Libyan Prime Minister Abdul-Hamed Dbeibah and leaders from OPEC, OAPEC, APPO, and the GECF. This summit provides an opportunity for international collaboration and discussion on the future of Libya’s oil and gas industry.
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