Libyan Officials Discuss Boosting Oil Production

Libyan Officials Discuss Boosting Oil Production
Libyan Officials Discuss Boosting Oil Production

Mohamed Takala, the Head of the Libyan High Council of State Council (HCS) met with Farhat Bengdara, the Chairman of the National Oil Corporation (NOC), in Tripoli on Thursday.

The meeting addressed the corporation’s plan to increase crude oil production, and also discussed refining oil derivatives to cater to local markets in upcoming years. As well as partnering with global companies and local investors.

Notably, 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, the 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 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).