Libya reached production of 1.211 million barrels per day as of August 16, a near doubling from reported volumes in July.
National Oil Corp. (NOC) said today that oil production had increased.
Libya has not reported volumes to OPEC since the first quarter of the year. However, secondary sources have put the North African state as producing 621,000 bpd in July, a decline of 23,000 bpd from June.
NOC chairman Farhat Bengdara, speaking on August 11, said the plan was to reach 2mn bpd within three to five years.
Following Bengdara’s appointment in July, many of the political challenges that had proved challenging for oil supplies were resolved.
Libya reached a peak of around 1.7mn bpd before the 2011 civil war. Since then, ageing infrastructure and an uncertain security outlook has reduced production.
The US Energy Information Administration (EIA) calculate Libya’s current capacity at 1.3mn bpd.
For production to rise to the targeted 2mn bpd, Libya will need to convince major companies to return and commit to large field developments.
Among such projects are TotalEnergies’ North Gialo field, which may produce 100,000 bpd, and NC 98.
In addition to improving oil supplies, NOC has also made progress with gas supplies. Local consumption is up and the Libyan Fertiliser Co. (Lifeco) has resumed production of ammonia and urea.