Oil production in Libya reached 1.2 million barrels per day (bpd) in 2023, falling in line with national efforts to ramp up production to two million bpd within three years. As such, the NOC recently announced plans to increase oil production by 100,000 bpd in 2024, with two bidding rounds on track for this year. “Increase in gas and oil production is coupled with strategic partnerships that guarantee logical returns for us and our partners,” Bengdara stated. Bengdara stressed the importance of a balanced approach to Libya’s energy transition, highlighting the company’s aim to navigate a prosperous energy future through a dedication to responsible practices. Furthermore, in addition to oil, Libya’s condensate production reached 52,000 bpd in 2023.

Source: Libya Today January 14, 2024 12:19 UTC