Libya Aims to Boost Oil Production to 2 Million Bpd by Early 2030s

Libya's National Oil Corporation (NOC) is optimistic that the nation's oil production could reach 2 million barrels per day (bpd) by the early 2030s, up from the current 1.4 million bpd. NOC Chairman Masoud Suleman revealed this during an interview with Bloomberg, noting that a 2026 unified budget, brokered with the assistance of the United States, offers the NOC a "lifeline" of over $2 billion (13 billion Libyan dinars) as an operating budget.

This contrasts with the lack of funding in the 2025 budget, which previously caused issues and concerns for the NOC and its partners. Suleman expressed confidence that the new budget will help attract investments in Libya's oil and gas sector, as international oil and gas companies have recently returned to the country, resuming operations and partnerships.

In a recent development, NOC and Austrian energy firm OMV declared the Essar oil discovery commercially viable, marking a significant step for Libya in reviving its oil industry in partnership with major oil companies. Libya has launched a campaign to bring back international oil firms to its upstream sector, with the first oil tenders in nearly two decades held last year.

Since 2007, NOC has signed exploration and production-sharing agreements with international companies such as Repsol, Turkish Petroleum, Eni, QatarEnergy, and MOL, marking the first major licensing push in 17 years.