Libya Targets 2 Million Bpd Crude Output by Early 2030s Amid Budget Boost

Libya's National Oil Corporation (NOC) is confident that the country can increase its crude output to 2 million barrels per day by the early 2030s, according to NOC chairman Masoud Suleman. This goal is ambitious, as the current production level is roughly 1.4 million barrels per day. The NOC has been working with international oil and gas companies to bring them back into Libya's upstream sector, which has been impacted by civil conflict and instability in recent years.

The unified 2026 budget for Libya provides the company with an operating budget exceeding $2 billion, equivalent to 13 billion Libyan dinars. This funding represents a crucial support mechanism for the state-owned firm, which received no allocation in the 2025 budget.

Suleman stated that the period of delayed funding is now over and that the associated payments make the NOC more confident about attracting investment in the country's oil and gas sector. International firms such as Repsol, Turkish Petroleum, Eni, QatarEnergy, and MOL have already signed exploration and production-sharing agreements with the NOC.