NOC 2025 Annual Report: Decade-High Production Drives Rebound Amidst Strategic Challenges

Executive Summary

The year 2025 marked a significant milestone for Libya's National Oil Corporation (NOC), with crude oil production reaching a 10-year high of 1.374 million barrels per day. Driven by strategic drilling, infrastructure rehabilitation, and successful international marketing, the NOC generated $22.060 billion in total revenues.

Despite operational hurdles caused by delayed budget approvals and ageing infrastructure, the NOC successfully reduced gas flaring, launched a major Public Bidding Round to attract international investment, and resolved key international legal disputes. The corporation remains a critical pillar of Libya’s economic stability and sustainable development.

Detailed Operational Summary for 2025

Production & Reserve Development

• Decade-High Output: Crude oil production averaged 1.374 million barrels per day, culminating in a total annual production of 501.5 million barrels.

• Gas Production: Total natural gas production reached 903 billion cubic feet (BCF) for the year.

• Well Development: The NOC executed 160 development wells across its subsidiaries, achieving an initial production rate of 85,134 barrels per day from newly tied-in wells.

• Artificial Lift Reliance: Approximately 81.6% of producing wells utilise Electrical Submersible Pumps (ESPs) to maintain output.

International Marketing & Financial Performance

• Total Revenues: The NOC secured $22.060 billion in total revenues, primarily driven by crude oil sales ($17.539 billion), followed by taxes/royalties, natural gas, and petroleum products.

• Export Volumes: Crude oil exports reached 342 million barrels, averaging 0.936 million barrels per day, a 12% increase from 2024.

• Global Market Share: The European market absorbed the vast majority of Libyan crude, at 79.3% (Italy was the top destination), while the Asian market accounted for 13.7%.

• Average Pricing: The average price per barrel of Brent crude throughout the year was recorded at $69.08.

Exploration & Strategic Investment

• Public Bidding Round: The NOC launched an aggressive exploration bidding round, qualifying 32 international companies as operators and 8 as investors to explore new onshore and offshore blocks.

• Seismic Surveys: Executed 3,059 square kilometres of 3D seismic surveys within AGOCO's operating blocks.

• New Discoveries: Successfully drilled 11 exploratory and appraisal wells, achieving a 73% success rate that resulted in 8 announced discoveries, adding over 168 million barrels of oil to the reserves.

Refining, Petrochemicals & Infrastructure

• Refining Capacity: The Zawiya Oil Refining Company processed the highest volume of crude locally, refining over 4.8 million metric tons.

• Petrochemical Exports: Major export commodities included Ammonia, Urea, Methanol, Ethylene, and Propylene, heavily supporting the local grid and international contracts.

• Major Infrastructure Projects: Critical pipeline upgrades are underway, including the 65% completion of Zueitina’s 42-inch gas line and the near completion (92%) of replacing damaged storage tanks at the Sidra port.

Health, Safety, Environment (HSE) & Sustainability

• Zero Flaring Initiative: The NOC successfully reduced gas flaring by approximately 100 million cubic feet of natural gas per day, redirecting it to the coastal grid for power generation.

• Sustainable Development: The NOC executed 54 community projects (33 fully completed), focusing on equipping local hospitals, drilling water wells, and supporting educational digital transformation across Libyan municipalities.

• Oil Spill Recovery: Monitored pipeline leaks totalling 107,940 spilt barrels, successfully recovering 16.1% of the lost crude.

Legal & Institutional Governance

• Dispute Resolution: Successfully settled major international disputes, most notably signing a preliminary agreement with Trasta Energy to purchase its share in LERCO, which will return full ownership of the Ras Lanuf Refinery to the NOC.

• Digital Transformation: Advanced the digitisation of technical data, upgraded the corporate Oracle database, and implemented AI-based workforce planning for its 64,000+ employees.

Challenges & Forward Outlook

• Financial Bottlenecks: Delays in the approval and disbursement of state budgets significantly impacted supply chains, the execution of new projects, and routine maintenance operations.

• Future Mandate: To sustain production growth and operational safety, the NOC emphasises the critical need for timely funding, infrastructure modernisation, and the continued expansion of international partnerships.

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