On Saturday, Libya’s National Oil Corporation (NOC) unveiled a comprehensive operational plan aimed at significantly increasing the country’s oil production over the next three to five years. The ambitious initiative seeks to raise daily output to two million barrels per day (bpd) by the end of 2025, a notable jump from the current production level of approximately 1.3 million bpd.
Farhat Bengdara, Chairman of the NOC, announced the plan during a meeting with board members and key executives on Saturday. He emphasized the importance of establishing a clear roadmap to achieve the corporation’s long-term goals and ensuring that the strategies of subsidiary companies are aligned with operational objectives.
Bengdara also stressed the need for greater integration across the NOC’s entities to enhance efficiency and competitiveness in both regional and global energy markets.
The meeting highlighted a range of strategic priorities to strengthen the NOC’s position. Discussions included adapting to global energy market trends, overcoming sector challenges, and ensuring Libya remains a reliable energy provider on the world stage.
To achieve these goals, the NOC plans to incorporate modern technologies, adopt innovative solutions, and gradually increase production capacity. Improving operational efficiency, updating institutional processes, and optimizing resource utilization were key areas of focus.
The NOC Chief emphasized the need to empower executive teams by equipping them with tools and resources through the NOC’s strategic programs office to ensure the effective execution of the plan.
Libya’s oil industry has long been a cornerstone of its economy, and the new plan reflects the NOC’s commitment to restoring and expanding production to its pre-conflict levels. The oil sector’s performance is critical to national economic stability, especially as Libya works to recover from years of political and infrastructure challenges.
The NOC is also keen to encourage greater participation from local companies in the oil sector, aligning with broader national goals of economic diversification and capacity-building. This initiative not only aims to boost domestic expertise but also positions Libya as a stronger competitor in the global energy market.
