Libya’s National Oil Corporation (NOC) announced on December 3 that its oil production has surpassed 1.4 million barrels per day (bpd), reaching the highest output since 2013. According to the NOC, production for that day totaled 1,403,680 barrels, an increase of 22,262 barrels compared to the previous day. Additionally, gas production reached 196,759 barrels equivalent, bringing the total output to 1,600,439 barrels.
This surge in production follows a series of incremental increases that the NOC has reported since November. The corporation attributed these gains to the hard work of Libyan workers, who have played a crucial role in maintaining operations in fields and ports despite the absence of foreign personnel. The NOC emphasized that these achievements would not have been possible without the dedication of national staff, who are working diligently to ensure the country’s oil sector continues to function at peak levels.
“The significant increase in production is a direct result of the efforts of our national workforce, striving to stabilize Libya’s economy through enhanced oil output,” the NOC stated in a press release.
The NOC has set an ambitious target to increase production to 2 million barrels per day by 2027. However, the corporation noted that achieving this goal depends on continued financial support. The NOC stressed that it must receive the necessary budgets on time, without delays or obstacles, to maintain and expand its operations.
In support of these efforts, the NOC has received substantial exceptional annual budgets, with backing from the Libyan government, the Central Bank of Libya, and the Audit Bureau. These financial resources are critical to expanding production capacity and infrastructure to meet the NOC’s long-term production targets.
As Libya continues to rely heavily on its oil sector for economic stability, the NOC remains focused on increasing production to ensure growth and bolster the country’s position in the global energy market.
