Libya Seeks 2 Million BPD Oil Production Boost with New Budget
Libya's National Oil Corporation (NOC) is optimistic about increasing oil production to 2 million barrels per day (bpd) by early next decade. According to NOC chairman Masoud Suleman, the country currently produces around 1.4 million bpd.
The unified budget for Libya, brokered with US help, provides the NOC with a 'lifeline' of over $2 billion as an operating budget. This influx of funds is expected to boost investor confidence and attract more international oil and gas companies to the country's upstream sector.
Libya has been working to revive its oil industry after years of civil war and turmoil, which led to a decline in production. The NOC has launched a campaign to bring back major oil firms, with the first oil tenders in nearly two decades being held last year. International companies such as Repsol, Turkish Petroleum, Eni, QatarEnergy, and MOL have already signed exploration and production-sharing agreements.
Suleman stated that 'the era of delayed funding is now behind us,' indicating a renewed confidence in the country's oil sector. The NOC chairman believes that this budget will mark a turning point for Libya's oil industry, allowing it to reach its ambitious production target.