TRIPOLI, Jan. 22 (Xinhua) -- Libya's daily oil output has topped 1.43 million barrels, the state-run National Oil Corporation (NOC) said on Wednesday, as the North African nation pushes to boost production despite persistent political instability.
On the day, crude oil production reached 1,431,977 barrels per day (bpd), with condensate adding 50,298 bpd and gas contributing 201,155 barrels of oil equivalent, the NOC said in a statement posted on its official Facebook page.
"The National Oil Corporation confirms that its workers in all oil fields and ports continue, day and night, to work on reaching the targeted rate of daily crude oil production, according to the approved strategic plan," the statement said.
The increase comes as Libya aims to raise production to 2 million bpd within three years, pending necessary investment. NOC Acting Chairman Masoud Sulaiman announced this target at the Libya Energy and Economy Summit in Tripoli on Saturday.
Libya holds Africa's largest proven oil reserves, and the sector is crucial to its economy, accounting for more than 90 percent of export revenues. However, it has been repeatedly disrupted by conflict and political turmoil since the 2011 uprising that toppled Muammar Gaddafi.
Frequent shutdowns of oil fields and export terminals due to political disputes, armed clashes, and protests have hampered Libya's production and export capacity.
In 2010, before the civil war, Libya's average oil production was around 1.8 million bpd. In 2023, it was around 1.27 million bpd. The latest increase signals a renewed drive to maximize output and revenue.
