Libya: Production of black gold by the Waha Oil Company (WOC), one of the NOC's subsidiaries, has risen by 15%.

The Waha Oil Company is one of the most important subsidiaries of Libya's state-owned oil company (NOC), making a substantial contribution to the 1.2 million barrels of crude oil the country produces every day.

On 9 July, Libya’s state oil company (NOC) announced that black gold production delivered by Waha Oil Company (WOC), one of its subsidiaries, had reached a plateau of 322,000 b/d in 2023, compared with 280,000 b/d in 2022.

This represents an increase of around 15% year-on-year, which the state-owned company attributes to the positive results of the efforts it has been making for several years to raise the national production plateau for black gold. In the short and medium term, the WOC hopes to become the main contributor to Libyan oil production, provided this momentum continues.

As a reminder, the Libyan authorities have announced a plan to increase Libyan oil production to 2 million b/d by 2027. In recent months, Libya has repeatedly ranked among the continent’s top 3 oil producers.