Libya’s Oil, Gas and Condensate Production Continues to Rise: NOC

SEATTLE (Oil Monster): Libya’s state National Oil Corporation (NOC) reported today that daily crude oil and condensate production continues to increase.

The NOC reported that production meters during the past 24 hours recorded a total of more than 1,426,570 barrels of crude oil and condensate and 208,345 barrels of natural gas, bringing the total production to 1,634,915.

Target to reach 2 mbpd by 2027

The NOC has also previously stated that these production increases come as part of implementing its strategy to increase production rates to 2 million barrels per day by 2027.

The NOC had added that this target could be reached subject to continuing to receive the necessary budget for operation throughout this period without obstacles or any delay that is beyond its control.

The NOC has received huge budgets

It will be recalled that the NOC has received huge exceptional annual budgets to increase production – with the support of the government, the Central Bank of Libya and the Audit Bureau.

It will be recalled that on 4 December the NOC had reported that Libya’s crude oil and condensate production had exceeded its 2024 target by 22,000 barrels in the past 24 hours.

The NOC had said it had set 1.4 million barrels per day of crude oil and condensate as its target for 2024.

Courtesy: www.libyaherald.com