What is Libya's National Oil Corp.'s target oil output and timeline, and what key financial and political developments are enabling it?

Libya’s National Oil Corp. (NOC) aims to raise oil output to 2 million barrels per day by early 2031, with progress supported by the first unified national budget since 2013 — brokered by the US — which allocates over 13 billion dinars ($2 billion) as an operating budget for NOC after receiving zero funding in 2025; this budget marks a critical turning point, ending years of delayed funding and unlocking a planned $16 billion in international investment to complement NOC’s own $20 billion commitment to overhaul the sector.

Which specific oil fields and companies are involved in Libya’s near-term production restarts and expansions, and what are their stated targets?

The NOC plans to restart wells operated by Libyan energy companies Arab Gulf, Waha, Sirte, and Akakus; Akakus is expected to reach 350,000 barrels per day before year-end, and the NOC will launch a tender within three months for the $5 billion development of the North Jalu field — targeting 100,000 barrels per day — fully financed by the winning bidder.

Libya Oil Corp Targets 2 Million Barrels Daily Output Amid US Unity Push

Aug 7, 2026

Libya’s National Oil Corp aims to reach 2 million barrels daily by 2031 following a unified budget approval. The move secures $2 billion operating funds and attracts international investment amid regional geopolitical shifts.

bloomberg

Libya Oil Corp Targets 2 Million Barrels Daily Output Amid US Unity Push

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