Libya Aims to Boost Oil Production to 2 Million BPD


Libyan Minister of Oil and Gas, Mohamed Aoun said that the country plans to increase oil production to two million barrels before 2030.

“The Libyan government aims to raise oil production from its current approximately 1.2 million barrels per day to 2 million barrels daily, before the year 2030. We will begin to see the results of this growth within two to three years, and within approximately five to seven years when we reach the target of two million barrels per day,” Aoun said in a press statement.

Moreover, Aoun highlighted that this investment won’t be limited to existing fields, but will also encompass newly discovered fields that are yet to be developed.

In July, Libya’s National Oil Corporation (NOC) announced that Libyan oil production had risen to one million barrels per day.

In August, the NOC reported production stability of 1.2 million barrels, signalling the country’s gradual increase in production, particularly through the development of newly discovered fields.

Recently, the Head of the Libyan Audit Bureau, Khaled Shakshak convened a meeting with the Head of the NOC, Farhat Bengdara. Together with senior management, they explored the NOC’s performance, and its exceptional budget management to maintain production stability.

The discussions traversed challenges in supplying and distributing fuel, amidst escalating smuggling operations and rising production costs. As well as carbon emissions from gas production, and the possibility of minimizing them and utilizing them for electricity generation, aiming to reduce energy wastage and its associated costs.

Attention was also drawn to the NOC’s plan to boost production, and its determination to venture into investments with strategic partners, including the Libyan Investment Authority (LIA).

Shakshak appreciated the NOC’s efforts in preserving oil stability, emphasizing the urgency of installing tracking systems to curb smuggling, and focusing on production development. He underscored the importance of addressing the Bureau’s previously communicated observations.

In turn, Bengdara affirmed his dedication to overseeing the relevant departments within the corporation and its subsidiaries, adhering to the observations and recommendations of the Audit Bureau, and valuing its role in enhancing the internal operational efficiency of the corporation.