Libya’s NOC Lifts Output, Eyes 2 Million bpd by 2028

Libya’s National Oil Corporation (NOC) said on August 19 that it produced over 1.38 million barrels of crude in the prior 24 hours, plus ~50,000 b/d of condensate and 2.48 bcf of natural gas. The company reiterated its focus on keeping production stable while meeting domestic demand and export commitments.

Despite chronic political fragmentation since 2011, Libya’s oil recovery has gathered pace. Output reached a 12-year high of ~1.23 million b/d in May, even amid sporadic clashes around Tripoli. NOC now targets 2 million b/d by 2028, working with partners to expand capacity, harden infrastructure, and reduce disruption risk.

Tripoli is courting foreign capital to revive under-invested assets. In March, the Oil Ministry launched Libya’s first field development tenders in 17 years, drawing 400+ bids across 22 blocks. Earlier this month, ExxonMobil signed an MoU with NOC, signaling a tentative return after a decade-long pause tied to security concerns.

Libyan barrels remain highly prized: the country’s light, low-sulfur crudes fit well in global refining slates, and reserves—unchanged since 2013—lead Africa and rank ninth worldwide. That quality advantage, coupled with rising Atlantic Basin flows, has helped sustain interest from majors and traders even as governance risks persist.

The near-term challenge is operational continuity. NOC’s stated priorities—maintaining field integrity, securing power and water for upstream operations, and protecting key export terminals—will determine whether today’s elevated levels can be maintained and built upon. If stability holds and planned investments proceed, Libya could add meaningful barrels to the global market just as new supply is expected to weigh on prices into late 2025–2026.

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