Wednesday, June 4, 2025
LibyaReview
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion
No Result
View All Result
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion
No Result
View All Result
LibyaReview
No Result
View All Result
Home Libya

Libya Seeking to Increase Oil Production to 2 Million BPD

January 24, 2023
Share on FacebookShare on Twitter

The Chairman of Libya’s National Oil Corporation (NOC), Farhat Bengdara stated that they are seeking to increase production levels to 2 million barrels within 3-5 years.

In press statements, Bengdara said that the NOC’s debts amounted to $1.5 billion dollars. He explained that this is because the Corporation “sells oil and pays part of the income to suppliers for gasoline and diesel, in order to supply power stations, and for fuel in petrol stations.”

He pointed out that the credibility of the NOC is “weak” globally, and that no one supplies fuel to it, except after payment. He also referred to the existence of “political and social pressures” exerted on the Corporation.

Notably, Libya’s total oil revenues rose to 105.5 billion Libyan dinars ($22.01 billion) in 2022, compared to 103.4 billion dinars ($21.5 billion) in 2021, the Central Bank of Libya (CBL) announced earlier this month.

In recent months, Libya’s oil sector has stabilized, and production has risen to 1.2 million barrels per day. The Minister of Oil and Gas, Mohamed Aoun expressed his hopes that “oil production will return to 2010 levels within two or three years.”

However, some groups have blockaded oil facilities for factional demands. The Tripoli-based Government of National Unity (GNU) said that it had lifted “the force majeure on exploration operations for oil and gas production.” It has called on international oil companies that have concluded contracts with the National Oil Corporation (NOC) to resume their work in Libya.

In the fourth quarter of 2022, a report by the Monetary Fund stated that Libya will be the fastest-growing Arab economy in 2023. It is set to have a growth rate of 17.9%, compared to 3.9% for Arab states.

Tags: libyaLibyan OilnocOil Production
Next Post

Libyan Man Arrested for Domestic Violence in Malta

POPULAR CATEGORIES

  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

MUST READ

Greece Eyes Libya Cooperation to Block Boats from Eastern Coast

Libyan Parliament Approves Budget for Reconstruction Fund

Saddam Haftar Attends French-Led Mediterranean Military Summit

Tripoli Government Assigns “Ali Al-Abed” as Acting Oil Minister

Dbaiba Unveils 3-Track Initiative to Resolve Libya’s Political Stalemate

Haftar: Libyan National Army Ready to Facilitate Elections

EDITOR PICKS

Over 3,000 Migrants Deported from Libya in May

GCC Ministers Reaffirm Support for Political Dialogue & Sovereignty in Libya

Libya & China Resume Talks on Misrata Cement Plant

Haftar: Libyan National Army Ready to Facilitate Elections

Saddam Haftar Attends French-Led Mediterranean Military Summit

Dbaiba Unveils 3-Track Initiative to Resolve Libya’s Political Stalemate

  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

© 2024 LR

No Result
View All Result
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

© 2024 LR