Libya’s National Oil Corporation (NOC) has requested that subsidiary Arabian Gulf Oil Company (AGOCO) works more intensively to increase oil production from AGOCO-affiliated fields.
The call comes under the NOC’s strategic plan for the next three to five years, which involves increasing Libya’s oil production levels to about 2 million barrels per day (up from early 2023 levels of 1.2 million barrels per day).
The NOC has been providing support to its subsidiaries to start working towards this aim, including AGOCO itself which has started to make progress on increasing oil output. However, the NOC’s statement emphasises the need for AGOCO to work more intensively so that it can sufficiently support the NOC in reaching the relevant production targets.
It is understood that the statement comes alongside discussions between the NOC and AGOCO on specific action plans to help intensify production work. Some of the solutions discussed include strategies for overcoming productivity limits, including financial and logistical obstacles.
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