Libyan state-run oil and gas company National Oil Corporation (NOC) posted an average production of 1.107 mb/d in 2018 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. 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 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.
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