Tripoli – National Oil Corporation Chairman Masoud Suleiman announced that the corporation will receive an operating budget of 13 billion dinars, or about $2 billion. This funding is expected to help boost Libya’s oil production to 1.5 million barrels per day by mid-2027.

In an interview with Asharq Bloomberg, Suleiman said the corporation received no funding during 2025. He noted that the recent approval of funds is a key step in addressing challenges faced by the corporation and its partners in the oil sector.

He stated that plans are underway to restart several oil wells managed by local companies, including the Arabian Gulf Oil Company, the Waha Oil Company, the Sirte Oil and Gas Production and Manufacturing Company, and Akakus Oil Operations.

Suleiman revealed that within three months, the corporation will launch a tender for the development of the North Gallo field at an estimated cost of $5 billion. The goal is to produce an additional 100,000 barrels per day, with the winning bidder providing full financing for the project.

He added that Akakus Oil’s output is expected to reach 350,000 barrels per day before the end of the year. The corporation aims to raise Libya’s total oil production to 2 million barrels per day in the coming years.

Suleiman emphasized that oil output has remained at about 1.4 million barrels per day, Libya’s highest level in a decade, as efforts continue to revive fields shut down by security and political challenges.

He confirmed the corporation is seeking $16 billion in foreign investment to complete the rehabilitation program for the oil sector. The total program is estimated to cost $20 billion, and aims to achieve a production target of 2 million barrels per day by 2031.

The corporation has also secured a $1 billion loan from the Libyan Foreign Bank to finance development projects, with a commitment to allocate further funding if production targets are met.