The National Oil Corporation (NOC) reported that daily crude oil production has exceeded the annual target, reaching 1,405,609 barrels of crude oil along with 52,633 barrels of condensates.
This achievement underscores the dedication and resilience of workers at production sites nationwide, despite ongoing challenges like delays in approving the 2024 budget.
In a statement, the NOC celebrated the milestone, highlighting it as a testament to the collaborative efforts of its workforce and partners.
The corporation outlined plans to boost production further in the coming years, driven by the recent launch of a bidding round for oil and gas exploration and production-sharing agreements.
This initiative aims to draw international investment, stimulate innovation in the energy sector, and expand Libya’s oil and gas output.
By encouraging foreign participation, the NOC plans to increase revenues, reinvest in the national economy, and generate job opportunities for Libyan youth.
These efforts are expected to spur economic growth and enhance stability across the country.
The NOC reaffirmed its commitment to strengthening Libya’s oil sector and solidifying its role as a major player in the global energy market.
The corporation envisions adopting advanced technologies, improving operational efficiency, and fostering partnerships aligned with global best practices.
The NOC emphasized its strategic role in driving Libya’s economic recovery, leveraging the country’s natural resources to achieve sustainable growth, elevate living standards, and strengthen Libya’s position in the global energy industry.
