Libya's crude oil and condensate production has exceeded the 2024 target by 22,000 barrels in the past 24 hours, the state National Oil Corporation (NOC) reported yesterday.
Total crude oil and condensate production readings yesterday were 1,422,142 barrels, while gas production recorded 207,655 barrels equivalent, for a total of 1,629,797 barrels, the NOC revealed.
The NOC said it had set 1.4 million barrels per day of crude oil and condensate as its target for 2024.
NOC credits its national cadres – in the absence of some foreign nationals The NOC had previously said it should be noted that these production increase achievements by it and its subsidiaries would not have been possible without the struggle of national cadres in the fields and ports, who are working around the clock to raise oil production rates in order to achieve economic stability for the country.
Target to reach 2 mbpd by 2027 The NOC has also previously stated on several occasions 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.
Libya’s recent oil production increases
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Source: NOC
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