Hommam Al Nassim 
On Tuesday, the National Oil Corporation of Libya announced its plan to drill 121 new wells to explore and exploit natural resources of oil and gas during the year 2024.
The corporation said in a statement that maintenance will be carried out for 1,335 other wells to ensure the sustainability of oil production and did not specify the locations and timetable for implementing these projects.
This step came as part of Libya’s efforts to increase oil and gas production, which represents about 90% of the country’s economic activity.
Libya’s oil production currently amounts to 1,220 million barrels per day, and the corporation expects crude production to exceed 1.5 million barrels per day by the end of 2025 before reaching two million within three years, according to official data from the corporation.
In March 2024, reports indicated that oil and gas exploration activities in Libya represent an important factor in reviving the national economy, which is still suffering from the effects of internal wars and political conflicts.
During 2023, the Libyan oil sector witnessed a remarkable recovery, as crude oil production exceeded 432 million barrels, and daily production rates stabilized at about 1.2 million barrels per day.
It is noteworthy that exploration operations in Libya are awaiting the first international tender in this sector since 2005, which the government will launch in the Sirte, Ghadames, and Murzuq basins, according to what was published by the “Energy Capital Power” website.
Libyan participation in the African Land Forces Summit