Libya’s National Oil Corporation (NOC) announced on August 19 that crude oil production in the previous 24 hours had exceeded 1.38mn barrels, alongside an additional 50,000 barrels of condensates, according to a statement cited by The Libya Observer. 

The NOC also reported natural gas output of 2.48bn cubic feet. It reaffirmed its commitment to maintaining production stability while ensuring both domestic energy requirements and international supply contracts are met.

Libya is heavily reliant on hydrocarbon exports owing to a lack of economic diversification. The country fell into political chaos after Gaddafi’s ouster in 2011, leading to a sharp drop in output. No unified government has fully controlled the entire country since. Rival governments and militias have competed for power, primarily between Tripoli (west) and Benghazi (east)-based factions.

Libyan oil output had edged up to a 12-year high of 1.23mn bpd in May, according to the Platts OPEC+ Survey from S&P Global Commodity Insights published in late June, despite rising political tension culminating in the heaviest fighting in years between factions in Tripoli.

Output has remained on an upward track, and the NOC said this week that it plans to raise the level to 2mn barrels per day (bpd) by 2028 – and will continue working with its partners to enhance capacity and safeguard production towards achieving that goal.

In this regard, the government has laid out plans to attract foreign investment and expertise to revitalise its energy sector, which has long been impacted by underinvestment, The Libya Observer writes.  

Despite years of political instability and security challenges, the North African country remains a key player in global energy markets, largely due to the high quality and low sulfur content of its crude, highly demanded globally. Libya’s reserve levels have remained unchanged since 2013, maintaining its top position in Africa and placing it ninth globally.

Libya’s Acting Minister of Oil and Gas in the Government of National Unity, Khalifa Abdul-Sadiq, in March announced the launch of oil field development tenders for the first time in 17 years. More than 400 bids were received from international companies seeking to participate in 22 oil blocks.

Earlier in August, as bne IntelliNews reported, the NOC signed a memorandum of understanding (MoU) with US energy major ExxonMobil, signalling the company’s return to Libya after a decade-long suspension of operations due to security concerns.