By: AGBI

Libya’s oil production has hit its highest since 2013, the state-backed National Oil Corporation (NOC) said, nearing the official target of 1.5 million barrels per day (bpd).

Crude oil production reached 1.4 million bpd on June 21, while condensate output stood at around 49,000 bpd, NOC said in a statement.

NOC chairman Massoud Suleman said he expects the company to reach the crude production target before the end of 2026, supporting Libya’s economic recovery.

Oman’s OQ Exploration and Production (OQEP) signed a deal with Libya this month to seek oil and gas opportunities, as disruption in the Strait of Hormuz boosts the appeal of the North African producer to international energy companies.

“This agreement is to expand our operations beyond Oman so our production will not rely only on exports from the strait,” Ashraf Al Maamari, chairman of state-run OQEP’s board of directors, previously told AGBI.

NOC also signed production-sharing agreements this month with Spain’s Repsol, Turkey’s Türkiye Petrolleri, Italy’s Eni and QatarEnergy, and a consortium comprising Hungary’s MOL Group, Türkiye Petrolleri and Repsol, following Libya’s first licensing round in nearly two decades.

Libya had 48 billion barrels of proven oil reserves as of 2020, the largest in Africa and nearly 3 percent of the global total.

Crude production peaked at 3.4 million bpd in 1970, averaged 1.6 million bpd between 2000 and 2010 and tumbled after the 2011 uprising that toppled long-time leader Muammar Gaddafi.

Output has averaged 1.3 million bpd since the start of 2025, according to producer group Opec, after hitting a low of 423,000 in 2020.