Libya's National Oil Corporation Boosts Production Targets to 1.5 Million Barrels Per Day

The National Oil Corporation (NOC) of Libya has announced plans to boost oil production to 1.5 million barrels per day by mid-2027, thanks in part to a recently approved operating budget of $2 billion.

NOC Chairman Masoud Suleiman said the funding will help address challenges faced by the corporation and its partners in the oil sector, including security and political issues that have impacted production.

The corporation plans to restart several oil wells managed by local companies, including the Arabian Gulf Oil Company and Waha Oil Company, with a goal of producing an additional 100,000 barrels per day from the North Gallo field at an estimated cost of $5 billion.

Suleiman also emphasized that NOC is seeking $16 billion in foreign investment to complete its rehabilitation program for the oil sector, which aims to achieve a production target of 2 million barrels per day by 2031.