Libya sees brownfields, local investment key to reaching 2 mil b/d oil target

Libyan officials are looking to local investment and maintenance programs to increase oil production to 2 million b/d within the next three years, they said during the Libya Energy & Economic Summit Jan. 18-19 in Tripoli.

"We started in 2021 with 800,000 b/d. As of January 2025, Libya has achieved 1.4 million b/d, reflecting our dedication to ensuring stability in the oil and gas industry," Libyan Prime Minister Abdul Hamid al-Dbeiba said, according to a statement on the event website.

Libya's National Oil Acting Chairman Masoud Suleman said that Libya will reach 2 million b/d within the next three years, if sufficient funding is available, NOC said on X, formerly Twitter.

Suleman replaced former head Farhat Bengdara Jan 16 after he resigned on health grounds. He previously served as Bengdara's deputy.

Libyan oil and gas minister Khalifa Abdulsadek said that brownfields and local investment will be critical growth drivers.

"We want to make sure local oil companies take part. We also want to leverage the upcoming licensing round to support our planned growth in the oil sector," he said.

NOC said Jan 19 that Arabian Gulf Oil, which operates the Sarir field, reached a multi-year high daily production rate of 304,000 b/d.

Exploration department manager of Tripoli-based Waha Oil Edris Abualkhair said that the company plans to increase output to 600,000 b/d by 2027, from current levels of 322,000 b/d, the event organizer said.

Libya hopes that IOCs will play a role in boosting output. Italy's Eni, BP, Austria's OMV, France's TotalEnergies and Spain's Repsol have all committed to new exploration. ConocoPhillips also presented at the summit.

Libya's oil operations are frequently disrupted by protests and shutdowns as domestic politics remain volatile. Crude output has rebounded in recent years, however.

Libya produced 1.19 million b/d in December, the highest level since March 2021, according to the Platts OPEC+ Survey from S&P Global Energy.

In late 2024, Libya's eastern faction closed oil fields and ports across the country for weeks, including the 300,000 b/d Sharara and 90,000 b/d El-Feel fields, in response to efforts by Dbeiba's government to replace the governor of Libya's Central Bank. The shutdown sent production plunging to 580,000 b/d in September, the Platts survey showed.

OPEC+ cooperation

Libyan officials also discussed energy markets, OPEC and OPEC+ cooperation and energy security with OPEC Secretary General Haitham al-Ghais.

Abdulsadek said Libya continues to support OPEC+ decisions focused on maintaining oil market stability, which is in the interests of producers, consumers, and the broader global economy cooperation, OPEC said in a statement following one of the meetings.

Libya is exempt from quotas under the OPEC+ crude production agreement, allowing it to increase output as much as it can.

Growing output in countries without quotas comes while other members of the coalition struggle to implement major production cuts to shore up prices. Iran and Venezuela, which are also exempt from quotas, have also steadily increased output in recent years.