Libya’s NOC Records Over 1 Billion Cubic Meters of Gas Production

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Libya’s NOC Records Over 1 Billion Cubic Meters of Gas Production
Libya’s NOC Records Over 1 Billion Cubic Meters of Gas Production

On Friday, the Libyan National Oil Corporation (NOC) announced its production statistics for crude oil and natural gas in September.

The data revealed that the country produced over 35.8 million barrels of oil last month. It also pointed out that 513,428 metric tons of oil products, and 41,151 metric tons of petrochemical products were manufactured during the same period. Additionally, the report records 197,730 metric tons of condensates.

Significantly, the production of natural gas fields in Libya exceeded 1,04 billion cubic meters during September.

On Monday, Libyan Minister of Oil and Gas, Mohamed Aoun said that his country plans to increase its daily 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, the NOC announced that oil production had risen to one million barrels per day.

In August, the NOC reported a production stability of 1.2 million barrels, signaling 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 NOC Chairman, 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 minimising them and utilising them for electricity generation, aiming to reduce energy wastage and its associated costs.