Libya’s state-owned National Oil Corporation (NOC) has announced plans to increase oil production by 100,000 barrels per day (bpd) in 2024, up from current levels of approximately 1.2 million bpd. The increase aligns with the country’s efforts to produce two million bpd in the next two to five years. The NOC announced that it is on track to meet this target, with two bidding rounds on the cards for next year. NOC Chairman, Farhat Bengdara, stated during the COP28 summit earlier this week: “We see a lot of interest. I can’t name names, but American companies, European companies and companies from the far East [are interested].”Bengdara added that the production target positions the country to be able to replace crude supplies that it imports from other parts of the world.

Source: Libya Today December 07, 2023 13:20 UTC