Libya’s National Oil Corporation Chairman Masoud Suleiman says a newly approved operating budget of more than LYD 13 billion, around $2 billion, has given the corporation a “lifeline” after receiving no government allocation at all in 2025, and has outlined a $36 billion plan to nearly double crude output to 2 million barrels per day by early 2031.
“The era of delayed funding, which caused problems and concern for us and our partners, is now behind us,” Suleiman told Bloomberg, adding that with funding flowing again, the NOC has maintained production at around 1.4 million barrels per day; June figures put combined crude and condensate output at almost 1.49 million bpd, the highest level since 2013.
Of the $36 billion required, the NOC is seeking $16 billion from foreign partners while committing $20 billion of its own investment. Separately, the corporation has secured a $1 billion loan from the Libyan Foreign Bank to fund projects aimed at lifting output above 1.5 million bpd by mid-2027, with a further $1 billion pledged once that milestone is hit. Suleiman said the NOC still carries about LYD 25 billion in rescheduled debt from 2024 and 2025 and needs roughly $300 million a month to cover operating costs.
The NOC also plans to launch an international tender within three months for the $5 billion development of the North Gialo field in the Sirte Basin, targeting about 100,000 barrels of oil equivalent per day under a fully financed model; the concession is held 59.16% by the NOC, with TotalEnergies and ConocoPhillips each holding 20.42% under an agreement extended to 2050 in January. Suleiman also said Akakus Oil Operations, which runs the Sharara field, is expected to reach 350,000 bpd before year-end, with further shut-in wells at Akakus, Waha, Sirte Oil Company and AGOCO also being brought back online.
Source: libyaobserver.ly, libyanexpress.com
