oil

The National Oil Corporation (NOC) announced that daily crude oil production has exceeded this year’s target, reaching 1,405,609 barrels of crude oil and 52,633 barrels of condensates.

In a statement on Wednesday, the NOC credited this achievement to the dedication of workers across production sites despite delays in the disbursement of the 2024 budget.

The corporation confirmed that plans are underway to increase production further in the coming years, following the launch of a bidding round for oil and gas exploration and production-sharing agreements. 

The initiative is expected to attract international investment, boost revenues, create job opportunities for local youth, and promote economic growth.

The NOC reaffirmed its commitment to developing Libya’s oil sector and positioning it among leading global institutions while contributing to the country’s economic growth.