Libya’s oil output will exceed 1.5 mln bpd by end of 2025 – NOC chief

Libya’s national oil output will exceed 1.5 million barrels per day by the end of 2025 and reach 2 million bpd within three years, the state oil firm (NOC) chief said on Monday, according to the prime minister media’s office.

Oil production is Libya’s main economic source and it represents approximately 90% of the economy. Libya’s oil output is currently 1.220 million bpd.

Farhat Bengdara, the NOC chief, said those figures could be achieved via “continued financial inspections of ongoing projects to reach the required productivity.”

This was discussed at the Supreme Council for Energy and Water Affairs that was held at the NOC headquarters and chaired by the Prime Minister Abdulhamid Dbeibah.

Dbeibah emphasised the need “to follow up on the plan to increase production and reach production of 2 million barrels according to timetables.”

At the end of February, Bengdara said that Libya will hold a bidding round for exploration rights by the end of this year or early next year.
Source: Reuters (Reporting by Ahmed Elumami; Editing by Josie Kao)