The National Oil Corporation (NOC) has announced that daily crude oil production has exceeded its annual target, reaching an impressive 1,405,609 barrels of crude oil, alongside 52,633 barrels of condensates.
This milestone highlights the unwavering dedication and resilience of workers at production sites across the nation, despite challenges such as delays in approving the 2024 budget.
In a statement celebrating the achievement, the NOC credited the collaborative efforts of its workforce and partners and outlined its vision for further growth.
Plans include increasing production through a recently launched bidding round for oil and gas exploration and production-sharing agreements.
The initiative aims to attract international investment, foster innovation in the energy sector, and significantly expand Libya’s oil and gas output.
By encouraging foreign participation, the NOC seeks to boost national revenues, reinvest in economic development, and create job opportunities for Libyan youth.
These efforts are anticipated to spur economic growth and enhance stability across the country. The NOC reaffirmed its commitment to strengthening Libya’s oil sector and maintaining its status as a key player in the global energy market.
With a focus on adopting advanced technologies, improving operational efficiency, and forming strategic partnerships, the NOC is poised to drive Libya’s economic recovery.
Leveraging the nation’s natural resources, the corporation aims to achieve sustainable growth, elevate living standards, and enhance Libya’s global energy profile.
