Libya Sees 2 Million-Barrel Oil Plan on Track as US Pushes Unity

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessLibya Sees 2 Million-Barrel Oil Plan on Track as US Pushes UnityLibya’s National Oil Corp.’s plans to raise output to 2 million barrels a day by early next decade are on track, after a US-brokered unified budget cleared the path for an investment push.Author of the article:Hatem Mohareb and Salma El Wardany You can save this article by registering for free here. Or sign-in if you have an account.vxxg[wdoicf8gtjdxud3jil5_media_dl_1.png Bloomberg(Bloomberg) — Libya’s National Oil Corp.’s plans to raise output to 2 million barrels a day by early next decade are on track, after a US-brokered unified budget cleared the path for an investment push.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe spending plan gives the NOC a “lifeline” of more than 13 billion dinars ($2 billion) as an operating budget after it received nothing in 2025, the state energy company’s chairman, Masoud Suleman, said in an interview. The first combined budget since Libya split into rival governments in 2013 is a sign of progress in US President Donald Trump’s drive to reunite the OPEC member, a move that could also improve access to Africa’s largest crude reserves for American firms. This comes as the war in the Middle East disrupts about a fifth of the world’s oil and gas production, encouraging major international companies to look at other regions for future investment. Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try again“The era of delayed funding, which used to cause problems and concerns, both for us and our partners, is now behind us,” Suleman said at the NOC headquarters in the capital, Tripoli.The NOC has managed to maintain Libya’s output at about 1.4 million barrels a day — the highest in a decade — and plans to restart fields that have been shuttered by the internal conflict and uncertainty that’s roiled the North African nation since 2011.Such steps are encouraging international partners, from whom Libya is seeking $16 billion in investment to complement a commitment from NOC of $20 billion to overhaul the country’s oil industry and reach the 2 million barrel-a-day target by early 2031, Suleman said.The NOC has already agreed a $1 billion loan from Libyan Foreign Bank that will fund developments to raise output above 1.5 million barrels by mid-2027, he said. There’s a commitment for a second $1 billion tranche once that target is reached, he added.Libya, where long-time ruler Moammar Qaddafi was overthrown in 2011, has been divided between feuding governments in its east and west for more than a decade. While previous US administrations have backed reunification, the efforts have taken on a sharper commercial edge under Trump, as he seeks to put more oil resources under American influence and steer business toward US companies. Fighters from Libya’s two sides trained together under US supervision in April, while Trump adviser Massad Boulous played a role in brokering the budget in the same month.The NOC is still dealing with about 25 billion dinars in rescheduled debts from 2024 to 2025 and needs roughly $300 million a month to maintain daily operations, Suleman said.Restarts are planned for some oil wells operated by Libyan energy companies Arab Gulf, Waha, Sirte and AkakusAkakus expected to reach 350,000 barrels a day before year-endThe NOC will launch a tender within three months for the $5 billion development of the North Jalu field, with a target of producing 100,000 barrels a day. The project will be fully financed by the winnerThis advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. 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