The Libyan National Oil Corporation (NOC) announced on Wednesday that daily crude oil production has surpassed the 2024 target of 1.4 million barrels per day. Additionally, the daily production of condensates reached 52,600 barrels per day.
In an official statement, the NOC highlighted this achievement despite delays in disbursing the 2024 budget.
The corporation attributed the success to the dedication of workers across production platforms and the support of security forces safeguarding oil fields and ports. These efforts have created a stable environment, positively impacting operational efficiency.
The NOC expressed its ambition to double production figures in the coming years. This optimism is fuelled by the launch of a new exploration and production-sharing bid round, which is expected to attract major international investments.
The initiative aims to increase revenue, involve the local private sector, and generate job opportunities for Libyan youth, driving economic growth and sustainable development.
The corporation reaffirmed its commitment to enhancing Libya’s oil sector and positioning it as a global leader.
It stressed the importance of the oil industry in achieving economic growth and prosperity for the Libyan people.
This announcement reflects Libya’s efforts to revitalise its oil sector, a critical pillar of its economy, amid ongoing challenges. By fostering international partnerships and local engagement, the NOC seeks to unlock the country’s full potential.
