Libya’s state-owned National Oil Corporation (NOC) has entered 2026 with renewed momentum, positioning itself as one of Africa’s most consequential energy players amid a decade-high production rebound and sweeping strategic transformation. Under Chairman Masoud M. Suleman, formally appointed in October 2025, the NOC is executing a revitalization agenda aimed at restoring Libya’s global standing, unlocking new investment and stabilizing the country’s oil-dependent economy.

Building on this momentum, the NOC has endorsed the Libya Energy & Economic Summit (LEES) 2026, taking place January 24-25 in Tripoli, as its flagship platform for international engagement. Chairman Masoud M. Suleman is set to address the opening ceremony, alongside participation from senior leadership and board members. Supported by the NOC since 2021, LEES convenes the full energy value chain, with all subsidiaries present to advance partnerships, technology, infrastructure investment and production growth.

Libya’s 2026 Growth Agenda

As of early January 2026, Libya’s crude production reached 1.38-1.4 million barrels per day (bpd), up from an average of 1.37 million bpd in 2025 – the country’s strongest annual performance in over a decade. Oil revenues reached approximately $21-22 billion in 2025, reflecting a 15% year-on-year increase and underscoring the fiscal importance of sustained output, with hydrocarbons accounting for roughly 90% of government revenue. This performance reflects the NOC’s coordinated recovery strategy, encompassing field rehabilitation, infrastructure repairs, improved operational continuity and strengthened oversight across its subsidiary operators.

Central to this is the NOC’s Strategic Transformation Plan, developed in partnership with global consultancy firm Kearney and overseen by a newly established Strategic Programs Office. The plan prioritizes maximizing output, accelerating gas development, modernizing governance and enhancing transparency across subsidiaries. A key near-term objective is raising production to 1.6 million bpd by the end of 2026, supported by $3-4 billion in annual investment to rehabilitate mature fields and modernize infrastructure. Longer term, the NOC is targeting 2 million bpd by 2028-2030 – potentially one of the largest capacity expansions within OPEC+.

Capital Projects and Global Collaborations

This upswing in 2026 builds on steady recovery through 2024-2025. Key assets have returned to or exceeded historical performance with Waha Oil Company having reached a peak production of 371,000 bpd while Mellitah Oil & Gas recorded 180,000 bpd. Meanwhile, Akakus Oil Operations successfully exceeded its production target of 320,000 bpd, having reached approximately 325,796 bpd as of December 30, 2025. In late 2025, Austria’s OMV made a new discovery in the Sirte Basin, while the Arabian Gulf Oil Company and Algeria’s Sonatrach reported finds in the Ghadames Basin. Preparations are now finalized for Libya’s first-ever deepwater exploration well in the Sirte Basin, led by the NOC alongside Eni and bp. Major IOCs – including ExxonMobil, Chevron, Shell and TotalEnergies – have re-engaged the country, assessing onshore, offshore and unconventional potential.

Downstream and energy diversification are also advancing, with Zallaf Libya constructing a 30,000-bpd refinery in Ubari, while petrochemical assets at Ras Lanuf and Sirte have resumed operations. In the renewable energy sector, a 500 MW solar PV plant with TotalEnergies and the General Electricity Company of Libya is slated for commissioning in 2026. These initiatives mark the NOC’s transition from recovery to expansion, positioning Libya as a strategically significant, investible energy market at the crossroads of Africa, the Mediterranean and Europe.

Unitevi ai leader del settore al Libya Energy & Economic Summit 2026 a Tripoli ed esplorate le opportunità di investimento in uno dei mercati energetici più dinamici del Nord Africa. LEES 2026 offre una piattaforma di primo piano per partenariati, innovazione e crescita del settore. Visitate il sito www.libyasummit.com per assicurarvi la vostra partecipazione. Per sponsorizzare o partecipare come delegato, contattare sales@energycapitalpower.com.