The Chairman of the National Oil Corporation (NOC), Farhat Bengdara, said that Libya was preparing to conduct the oil and gas licensing round for 2024, adding that if Libya succeeded in conducting the licensing round next year, it would be the first in nearly two decades.
Bengdara added that the licensing would help reach oil production of two million barrels per day (bpd) over the next three years, referring as well to the possibility of establishing a natural gas liquefaction plant and a gas pipeline to Egypt with links to the Edku facility and the Damietta terminals.
According to OPEC indicators for January, oil production rate in Libya had decreased to 1.148 million bpd, after it averaged 1.153 million bpd in the last quarter of 2023.
The African Chamber of Energy said in a report last month, Libya's oil production could reach a maximum of 1.8 million bpd by 2024.
Libyan gas production currently stands at 1.3 billion cubic feet per day, with the potential to export 250 million cubic feet per day through the Green Stream pipeline.