Libya's National Oil Corporation Sets Goal of 2 Million Bpd Output by Early 2030s

According to Oilprice.com citing Bloomberg, in a report published Friday, August 7, 2026 (16 Mordad 1405), Masoud Suleman, chairman of Libya's National Oil Corporation (NOC), told Bloomberg in Tripoli that the country could raise oil production from about 1.4 million barrels a day currently to 2 million barrels a day by the early 2030s. He said Libya's unified 2026 budget, brokered with US help, has given the NOC an operating budget of more than $2 billion (13 billion Libyan dinars), after the company received no funding at all in the 2025 budget.

Suleman said the end of delayed funding has boosted international partners' confidence to invest in Libya's oil and gas sector. Last month, the NOC and Austria's OMV declared the Essar oil discovery commercially viable. Libya, which has been politically fragmented since 2014, held its first oil and gas exploration bid round in 18 years last year and signed exploration and production sharing agreements with companies including Repsol, Turkish Petroleum, Eni, QatarEnergy and MOL.