The state-held Libyan National Oil Corporation (NOC) and Italian oil and gas company Eni have signed a memorandum of understanding (MoU) to expedite gas production at two structures within maritime concession MN 41 in the Sabratha marine basin in Libya. Upon completion, the project's capacity will increase by 760 mcf/d (approximately 21.5 mcm/d or 7.9 bcm/year). The incremental production will provide fuel to meet both local consumption and export requirements.
Over the 2016-2017 period, Libya ramped up its oil production rapidly, increasing its yearly output from 200,000 bbl/d in 2016 to approximately 1 mb/d at the end of 2017. In 2018, National Oil Corporation (NOC) posted an average crude oil production of 1,107 kb/d and total revenues of US$24.4bn, which is a 78% year-on-year increase and a five-year high. The country's oil fields have gradually resumed production over the past year, while the global increase of crude oil prices also contributed to a jump in the company's revenues. However, this level still remains lower than the 1.6 mb/d produced before the outbreak of the civil war in 2011.
In September 2018, NOC announced works to raise its own output capacity levels to 2 mb/d by 2022. Another top priority for the company remains security and the re-establishment of order in the country's oil regions. Some incidents and security breaches are still happening, threatening the company's production system.