Libya posts highest oil output in more than a decade

Libya has recorded its highest oil production in more than a decade, with combined crude oil and condensate output reaching nearly 1.49 million barrels per day, according to National Oil Corporation (NOC) Chairman Masoud Suleman.

In a statement Sunday, Suleman described the achievement as “the highest production level since 2013,” crediting the milestone to the efforts of NOC employees, subsidiary companies and technical staff working across the country’s oil fields, ports and operational facilities.

He said crude oil production reached 1,438,560 barrels per day, while condensate output totaled 49,163 barrels per day, bringing combined production to 1,487,723 barrels per day.

Suleman said the figure marks “Libya’s highest output in more than a decade and brings the country close to its target of producing 1.5 million barrels per day.”

The announcement follows the signing on June 15 of three production-sharing agreements under Libya’s 2025 licensing round with several international energy companies.

According to Suleman, the agreements involve Spain’s Repsol in partnership with Türkiye Petrolleri, Italy’s Eni in partnership with QatarEnergy, and Hungary’s MOL Group.

The NOC launched the 2025 oil and gas exploration licensing round on March 3, inviting international energy companies to invest in Libya’s upstream sector.

The tender marked Libya’s first exploration licensing round in more than 17 years, following a previous bid round in 2007, according to the NOC.​​​​​​​

Exempt from OPEC production cut quotas, Libya relies on oil revenues for around 90% of its state budget financing.

*Writing by Mohammad Sio