Regarding the Unified Development Agreement and the oil sector's operating budget, National Oil Corporation (NOC) Chairman Masoud Suleiman is quoted by several Libyan media sources stating to Bloomberg:
- The Unified Spending Arrangement (agreed between western and eastern Libya thanks to US mediation) provided the NOC with a "lifeline," allocating an operating budget exceeding 13 billion Libyan dinars—equivalent to roughly US$ 2 billion.
- The NOC requires US$ 36 billion to develop the sector and reach a production target of two million barrels per day by early 2031.
- Past debts have been rescheduled, with repayment totalling approximately 25 billion Libyan dinars over 2024 and 2025. Additionally, about US$ 300 million per month is needed to cover daily operating expenses.
- The era of delayed funding—which caused problems and anxiety for both the NOC and its foreign partners—is now behind us.
- The flow of funds has enabled the NOC to maintain production levels at approximately 1.4 million barrels per day.
- We are seeking US$ 16 billion in funding from foreign partners, alongside the NOC's own commitment to invest US$ 20 billion.
- We have concluded an agreement for a US$ 1 billion loan from the Libyan Foreign Bank to implement projects that will raise production to over 1.5 million barrels per day by mid-2027. There is a commitment to provide another US$ 1 billion once this target is achieved.
