Libya's National Oil Corporation (NOC) is confident that the country can raise oil production to 2 million barrels per day (bpd) by the early next decade from the current 1.4 million bpd, NOC chairman Masoud Suleman told Bloomberg in an interview.
A 2026 unified budget for Libya, brokered with the help of the United States, gives the NOC a "lifeline" of more than $2 billion (13 billion Libyan dinars) as an operating budget. "The era of delayed funding, which used to cause problems and concerns, is now behind us," Suleman told Bloomberg.
The budget plans and payments make NOC more confident in attracting investments in the country's oil and gas sector. Recently, many international oil and gas companies have returned to Libya and resumed operations and partnerships.
Just last month, NOC and Austrian energy firm OMV declared the Essar oil discovery commercially viable as OPEC's second-largest African producer pushes to revive its industry in partnerships with the oil majors.
