Mahboub Dreeder, Director of the Petroleum and Gas Department at Libya’s National Oil Corporation (NOC), confirmed that achieving a production rate of two million barrels of oil per day is possible but requires significant infrastructure, extensive maintenance, and renewal of pipelines and tanks in Libya.
In his press statements, Dreeder mentioned that the state has allocated billions of dollars to develop the oil and gas industries to reach this strategic goal.
He also noted that Tunisia has the capabilities to build oil storage tanks and conduct maintenance, especially given the reluctance of European companies due to stringent conditions, despite all investment operations being based on regulations that comply with internationally approved laws.
Libya’s daily crude oil production has surged to 1,254,350 barrels in the past 24 hours, according to an announcement by the National Oil Corporation (NOC) on Monday.
This significant increase underscores Libya’s robust efforts to enhance its oil output amidst global market dynamics.
The NOC’s latest statistics reveal that daily condensate production stood at 51,949 barrels, while natural gas production reached an equivalent of 216,034 barrels per day.
This brings the total daily output of crude oil, condensates, and natural gas to 1,522,333 barrels of oil equivalent.
On Sunday, the NOC reported producing over 1,250,000 barrels of crude oil, alongside 52,841 barrels of condensates and an equivalent of 211,775 barrels per day of natural gas. These figures highlight a consistent upward trend in Libya’s hydrocarbon production.
In a recent meeting, NOC Chairman Farhat Bengdara expressed the corporation’s ambition to boost oil production to 2 million barrels per day by the end of next year (2025).
This statement was made during discussions with Abdulhamid Dbaiba, the Prime Minister of the Government of National Unity (GNU), held on Sunday.
Libya, a member of the Organization of the Petroleum Exporting Countries (OPEC), has been working diligently to stabilize and increase its oil production following years of internal conflict and political instability. The country holds Africa’s largest proven oil reserves and relies heavily on oil revenues to support its economy.
