The Chairman of Libya’s National Oil Corporation (NOC), Farhat Bengdara, stated Tuesday that the country’s oil production will surpass 1.5 million barrels per day by the end of 2025, with expectations to reach 2 million barrels per day within three years.
Bengdara emphasized the need for continued financial flows to ongoing projects to achieve the required productivity.
This was discussed during the 10th regular meeting of the Supreme Council for Energy and Water Affairs, chaired by Prime Minister Abdel-Hamid Dbaiba, to address agenda items related to the oil and gas sector.
Dbaiba underscored the importance of monitoring the production increase plan, reaching 2 million barrels per day according to timelines, and ensuring transparency about all expenditures and executed projects.
According to a recent report by the Organization of the Petroleum Exporting Countries (OPEC), Libya has seen the most significant increase in oil production among African countries, moving ahead of Nigeria to become the continent’s top oil producer.
OPEC’s data for February shows Libya’s oil output reaching 1.167 million barrels per day, an increase from 1.023 million barrels per day in January, marking a rise of 144,000 barrels per day. This growth has placed Libya at the forefront of African oil production, highlighting the nation’s recovery and potential in the energy sector following years of conflict.
In contrast, Nigeria’s production in February was reported at 1.476 million barrels per day, up from 1.429 million barrels per day in January, with an increase of 47,000 barrels per day. Nigeria’s slower production growth reflects ongoing challenges such as infrastructure and regulatory issues.
OPEC’s overall production for February was recorded at 26.571 million barrels per day, an increase from 26.368 million barrels per day in January. Other contributors to this growth include Algeria, with a slight rise in output, and Saudi Arabia, showing a modest increase in its production levels.
Libya’s significant increase in oil production signals the country’s resilience and the success of its efforts to revitalize its oil industry amidst post-conflict challenges. With improved security and governance, along with international support, Libya’s oil sector is gradually regaining strength.
