Libya's NOC secures $2bn operating budget, eyes $5bn North Gialo oil field tender

Libya’s National Oil Corporation (NOC) received an operating allocation of more than LYD13 billion (about US$2 billion) under a unified spending arrangement brokered with U.S. mediation, ending a period of delayed funding. The company is pursuing US$16 billion from international partners and will invest US$20 billion of its own funds as part of a US$36 billion programme aimed at raising crude output to two million barrels per day by early 2031. Current production sits around 1.4‑1.5 million barrels per day, with operating costs estimated at US$300 million per month. A US$1 billion loan from the Libyan Foreign Bank has been approved, with a second US$1 billion slated for release once production exceeds 1.5 million barrels per day.

The NOC is also preparing an international tender, expected within three months, to develop the North Gialo field in the Sirte Basin. The project, valued at about US$5 billion, targets roughly 100,000 barrels of oil equivalent per day. The field will be operated by Waha Oil Company, with the NOC holding a 59.16% stake and TotalEnergies and ConocoPhillips each owning 20.42%.