Libya expects an increase in Libyan oil production to exceed the barrier of 1.5 million barrels, and this comes before achieving the main declared goal of producing about two million barrels per day within 3 years starting from this year. The head of the Libyan Oil Corporation, Farhat Bin Qaddara, stated on Monday, 18 March 2024 that Libya aims to increase oil production to reach 1.5 million barrels per day by 2025.

The Chairman of the Corporation’s Board of Directors, Abdul Hamid Al-Dabaiba, announced – during a meeting of the Supreme Council for Energy Affairs at the Corporation’s headquarters – that oil production in Libya is expected to reach two million barrels within a period of 3 years, and oil production in Libya is considered an important element for the country’s economic inputs. Which suffers from a state of security instability, despite the great progress achieved by Libya in the political sector.

Oil production in Libya this year is about 1.22 million barrels per day, amid an effort by the Libyan Oil Corporation to increase the volume of production within 20 months to reach the level of 1.5 million barrels. It is possible to achieve these numbers by continuing financial inspections of ongoing projects that aim to Reaching the required production volume on the specified date.

The Prime Minister stressed the need to follow up on the plan to increase production in order to reach the barrier of 2 million barrels per day according to the time specified by the government and oil institutions. The Prime Minister of Libya announced last February that Libya was on its way to holding a round of auctions, aiming to grant the rights to explore for oil and gas in Libya. By the end of this year or the beginning of next year 2025.

Oil production in Libya faced several challenges due to several reasons, including the lack of security stability, which was represented by the repeated closure of oil fields and ports; Members of the Petroleum Facilities Guard closed oil and gas fields and lines in the southwestern regions.

The Facilities Guard Service announced that the deadline it gave to the government, estimated at about 48 hours, in order to achieve their demands related to their financial dues, had expired to no avail, and the Libyan oil sector witnessed a crisis represented by the closure of the residents of southern Libya of the Sharara and El Feel fields due to the interruption of fuel and gas, in addition to the weakness of public and basic services. In the areas where they live.

The Ministry of Oil in Libya warned of the dangers of closing oil fields, which is expected to lead to an electricity crisis, and is considered an element of expulsion for foreign companies that invest in the sector, and this matter led to the declaration of a state of force majeure, as the crisis continued for two weeks before production returned in the Sharara field. Once again, during the month of July 2023, 4 oil fields were closed by the Senussi tribe, including El Feel Field, El Sharara Field, and Field 108. This came due to a protest against the kidnapping of former Finance Minister Faraj Boumtari, depriving the country of a third of its production. The volume of production from the Sharara field alone is about 315 thousand barrels per day.