AdvertisementNOC Plans: The 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. Farhat Omar Bengdara, Chairman of Libya’s parastatal National Oil Corporation (NOC), highlighted the jump in oil production, local content development and decarbonization of the energy sector as strategies to drive long-term industry growth. AdvertisementRecently, the NOC has also 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. Furthermore, in addition to oil, Libya’s condensate production reached 52,000 bpd in 2023.

Source: Libya Today January 14, 2024 15:11 UTC