KEY POINTS
- Libya’s NOC has partnered with SLB to develop marginal oil fields and increase crude production.
- The country aims to raise output to 1.6 million barrels per day by the end of 2026.
- Libya is targeting production of two million barrels per day by 2030 through international collaboration and technology deployment.
Libya’s National Oil Corporation (NOC) has intensified efforts to increase the country’s crude oil production by partnering with global oilfield services company SLB to develop its marginal oil fields.
The move follows a meeting held on June 8 between officials of the NOC and representatives of SLB, formerly known as Schlumberger, aimed at formulating a joint strategy for unlocking the potential of smaller and underdeveloped oil assets across the country.
Joint Strategy Targets Untapped Reserves
During the discussions, both parties focused on ways to accelerate the development of marginal oil fields, which are considered smaller deposits that have remained largely untapped because of technical and economic challenges.
The collaboration is expected to provide Libya with access to advanced technologies and expertise that could help maximize production from these fields and support the country’s long-term energy goals.
The North African nation has set ambitious targets for expanding its oil output. Authorities are aiming to raise production to 1.6 million barrels per day by the end of 2026.
Beyond that, Libya hopes to increase daily crude production to two million barrels by 2030, a goal that would strengthen its position among Africa’s leading oil producers and boost government revenues.
SLB, one of the world’s largest oilfield services companies, is expected to play a critical role in helping Libya optimize operations and enhance production efficiency.
Its technical capabilities and experience in managing complex oil projects are seen as key factors in unlocking the commercial potential of Libya’s marginal fields.
