Libya targets 50% rise in oil output, plans bid round

Libya

TRIPOLI, February 28, 2024 – Libya is targeting an increase in oil production of 50% to 2 million bopd in the medium term, Upstream Online has cited the National Oil Corporation (NOC) chairman as saying on Tuesday.

Libya’s crude production stands at 1.25 million bopd, or 1.3 million bopd with condensates included. Output was 1.6 million bopd prior to the country’s 2011 uprising.

The comments were made by NOC head Farhat Bengdara at IE Week in London. He said that while the country’s initial target is stabilising production and making use of existing assets, in three to five years it aims to achieve 50% growth in oil output.

Bengdara also said Libya is considering holding a bid round by early 2025.

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