The Libyan National Oil Corporation (NOC) held a technical meeting with the Oil Research Centre to review its activities, strategic plan for 2024, and the approved and proposed budgets for 2025.
During the meeting, the Director of the Oil Research Centre highlighted that the centre had completed 60 geological and reservoir studies. These studies have contributed significantly to the increased production seen in 2024.
The meeting was attended by directors of technical departments from both the NOC and the centre, along with several specialists.
Libya has reclaimed its position as Africa’s leading oil producer in 2023, with a daily output of 1.189 million barrels. This marks a significant achievement for the country, surpassing Nigeria, which produced 1.187 million barrels per day, and Angola, which came in third with 1.098 million barrels per day.
Libya’s resurgence in oil production comes at a time of intense efforts by the National Oil Corporation (NOC) to elevate the country’s output to unprecedented levels. Libya is targeting a daily production of 2 million barrels by 2030, driven by new licensing rounds and the revitalization of major oil fields, including the Sharara field, the country’s largest.
Historically, Nigeria held the title of Africa’s top oil producer. However, ongoing security issues, such as oil theft and violence in key production regions, have significantly undermined its capacity. In 2023, these challenges resulted in a drop in Nigeria’s production, allowing Libya to take the lead. Despite these setbacks, Nigeria remains a vital player in the African oil market and is actively working to reclaim its top spot.
Angola, maintaining steady production, secured third place with 1.098 million barrels per day. The Angolan government is focusing on enhancing foreign investment and creating a favorable business environment to attract more international companies, aiming to bolster its oil sector amidst economic and social challenges.
Libya’s return to the top as Africa’s leading oil producer highlights the country’s resilience and strategic efforts to overcome years of conflict and instability. The revitalization of its oil industry, driven by the NOC’s leadership, is a key factor in this achievement. As Libya continues to rebuild and stabilize, its ability to maintain and increase oil output will be crucial not only for its economy but also for global oil markets. Achieving its ambitious goal of 2 million barrels per day by 2030 could significantly impact global oil supplies, especially as demand rises.
