Libya's National Oil Corporation Boosts Production and Attracts International Partners

Under Farhat Bengdara's leadership, Libya's National Oil Corporation (NOC) implemented a four‑pillar strategy that rebuilt internal capability, introduced governance reforms, developed a gas strategy and pursued environmental commitments. Production rose from about 660,000 barrels per day in July 2022 to between 1.38 and 1.4 million barrels per day by early 2026, generating roughly $21‑22 billion in oil revenues for 2025.

The recovery enabled Libya’s first competitive licensing round in almost two decades, drawing interest from major companies such as Shell, BP, ExxonMobil, TotalEnergies, Eni and QatarEnergy. By mid‑2026, production‑sharing agreements were signed with several of these firms.

In parallel, the Arabian Gulf Oil Company (AGOCO) met with BP to discuss technical cooperation on field development, geological studies and production‑efficiency measures. The dialogue is part of NOC’s broader effort to leverage global expertise and technology to maximise the country’s oil output.