The Libyan National Oil Corporation (NOC) is seeking a substantial investment of $17 billion to enhance the country’s oil production capabilities. The NOC’s chairman, Farhat Bengdara, announced in a recent interview with Alwasat TV that with the proposed budget, Libya aims to elevate its oil output to 2 million barrels per day within the next three to five years.

According to Bengdara, the primary challenge isn’t operational but financial—the corporation is significantly underfunded for the ambitious goal it has set.

The NOC’s strategic plan involves a two-pronged approach: stabilizing current production levels and actively increasing output through a series of projects. One of the key initiatives includes the overhaul of antiquated infrastructure. Bengdara emphasized the critical state of the pipeline network, initially installed in the 1960s and now in dire need of replacement due to age-related deterioration.

Despite these challenges, Bengdara remains optimistic, referencing the NOC’s recent success in nearly meeting its interim target of 1.3 million barrels per day, coming in at 1.295 million. He stresses that this achievement is in the face of using infrastructure that has not seen maintenance since its establishment decades ago, underscoring the resilience and potential of Libya’s oil industry.