Libya’s NOC to Begin Oil Exploration

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Libya’s Minister of Oil and Gas, Mohamed Aoun has directed the National Oil Corporation (NOC) to begin exploration of more blocs, both offshore and on land, in addition to developing existing discoveries.

During the Libya Oil, Gas, and Renewable Energy Exhibition, Aoun explained that this was an invitation to foreign and Arab companies to start investments in Libya. He added that it, “encourages foreign investors to see Libya, and develop the oil sector.”

He noted that production at the end of 2022 will be close to the current daily production of crude oil, which is 1.2 million barrels per day.

On Friday, Libya’s NOC said that its daily production of crude oil amounted to 1,186,000 barrels.

In a statement, the NOC added that production increased by 3,000 barrels per day. This is compared to the last production statistic issued by the corporation on Tuesday, when production was 1,183,000 barrels.

The NOC indicated that condensate production amounted to 50,000 barrels, during the past 24 hours.

Total domestic consumption of natural gas amounted to 1.166 billion cubic feet during the past 24 hours, an estimated increase of 44 million cubic feet over last week.

Earlier this month, the NOC Chairman, Farhat Bengdara said that they plan to increase Libya’s production of crude oil to 2 million barrels per day.

Bengdara held a meeting with the NOC’s Budget Committee to follow up on the settlement of overdue salaries. They also discussed the NOC’s three-year plan, according to the extraordinary budget.

Bengdara said that increasing production “will be achieved in accordance with a 3-5 year medium-term plan, to increase crude oil production rates to two million barrels per day within available capabilities.”

He stressed that “the current capabilities, in terms of reservoirs and reserves, will help to reach these rates,” explaining that Libya’s crude oil production has surpassed 1.2 million bpd. As well as adding that increasing oil production has been the main goal of the Board since taking office.