The National Oil Corporation (NOC) of Libya convened on Sunday to review its plans to increase oil production in 2024, addressing challenges that have hindered progress toward these targets.
The meetings were led by Oil Minister Dr Khalifa Abdel Sadek, head of the Production Increase Monitoring Committee, alongside the NOC board member responsible for exploration and production. Key stakeholders participated, including the heads of Mellitah Oil and Gas, Arabian Gulf Oil Company (AGOCO), Waha Oil Company, Akakus Oil Operations, and Sirte Oil and Gas.
The discussions focused on drilling activities, well maintenance efforts, and various projects aimed at boosting oil output. Participants also explored financial, technical, and logistical obstacles impacting the execution of production plans.
The NOC said it remains committed to overcoming these challenges and ensuring that Libya maximises its production capabilities in the coming year.
Earlier this month, NOC announced a significant increase in oil production, reaching 1.2 million barrels per day (bpd) just days after lifting force majeure on key oil fields and ports.
This development comes as Libya resumes full-scale oil production following recent disruptions caused by internal conflict.
The NOC indicated that production rates are expected to continue rising as operations at oil facilities ramp up, with the corporation working toward further increases in output to meet its targets.
Libya, home to Africa’s largest proven oil reserves, has long relied on its oil sector as the foundation of its economy. Oil revenues account for over 95% of the country’s income, making the stability and output of this sector crucial for the country’s financial health.
