La National Oil Corporation (Noc), Libya's state hydrocarbon body, today announced a plan to drill 121 new wells to explore and exploit natural oil and gas resources in 2024. The Noc is carrying out various projects to increase oil production in the OPEC oil cartel member country from the current 1,250 million barrels per day to 1,4 million barrels per day by the end of 2024, and then rise to 2 million barrels starting in 2025. Last week, a subsidiary of Noc – Al Waha Oil Company – managed to increase its production by 40 thousand barrels per day, from October 2022. The country, in fact, imported around 14,5 million tonnes of crude oil, down by 3,3 percent compared to the same period of 2023. As regards gas, at these rates the overall annual production would be around 13 million cubic metres.

Source: Libya Today June 11, 2024 15:29 UTC