Libya Targets 2 Million Barrels per Day as NOC Seeks $4 Billion Investment to Boost Oil and Gas Output
Libya plans to nearly double its oil production to two million barrels per day by 2027, according to Farhat Bengdara, head of the National Oil Company (NOC).
Speaking to Sky News Arabia, Bengdara said Libya currently produces about 1.2 million barrels per day and anticipates revenues of $35–$37 billion this year.
He emphasized that the country requires around $4 billion in new investment to modernize pipelines, storage facilities, and other critical infrastructure.
Despite holding Africa’s largest proven crude reserves, Libya has faced repeated export shutdowns and infrastructure damage since the 2011 NATO-backed revolt that ousted Moamer Kadhafi.
At the ADIPEC energy conference in Abu Dhabi, Bengdara confirmed that NOC expects to sign an $8 billion agreement with Italy’s ENI by year-end to develop gas fields in western Libya. Additionally, NOC, ENI, and Britain’s BP have agreed to commence offshore gas exploration in the Mediterranean off western Libya.
In October, Libya’s Tripoli-based government signed a memorandum of understanding with Turkey to begin undersea gas exploration in areas defined by a 2019 agreement, which has drawn criticism from Greece, Cyprus, and Egypt, who argue the deal infringes on their maritime rights.
A rival administration in eastern Libya also rejected the October agreement, claiming the Tripoli-based government no longer has the authority to sign international deals.
Bengdara’s roadmap underscores Libya’s ambition to restore and expand its oil and gas output while attracting critical foreign investment, despite ongoing geopolitical and internal challenges that continue to affect production and exports.
