A worker inspects equipment and pipelines at a Libyan oil facility, part of the infrastructure used to process and transport petroleum resources. Photo Credit: Reuters

NNA News - Libya's oil sector generated about $15.2 billion in revenue during the first eight months of 2026, according to data released by the Ministry of Oil and Gas, underscoring the continued importance of hydrocarbons to the country's public finances.

The revenue recorded between January 1 and August 31 comprised about $11.9 billion from crude oil exports, $2.4 billion from oil-related taxes and royalties, and around $900 million from natural gas, condensates and petroleum products, according to the ministry's figures. 

The Ministry of Oil and Gas said it was continuing to publish sector indicators as part of efforts to improve disclosure of oil revenues and demonstrate the sector's contribution to the national economy. Libyan reporting quoted the ministry as saying the publication of the data was aimed at “enhancing transparency and disclosure of oil revenues.”

The latest figures come as Libya seeks to increase oil production and attract further investment into its energy infrastructure. The National Oil Corporation (NOC) reported that crude oil production reached 43.3 million barrels in August, while the amount transferred to the sovereign account at the Libyan Foreign Bank was approximately $2.56 billion.

NOC Chairman Masoud Suleman has previously said the corporation is targeting higher production levels as part of its strategy to expand the sector. “The NOC’s strategy targets an initial production increase to 1.6 million barrels per day, with a subsequent goal of reaching 2 million barrels per day in the medium term,” Suleman said at the Libya Energy Summit in January.

The corporation has also been seeking investment and technology partnerships to expand production and develop Libya's gas sector. In July, Suleman said increasing investment was central to the NOC's plans for developing natural gas projects and called for international companies to participate in exploration and development. Libya's Central Bank separately reported that total oil sales revenue reached 80.8 billion Libyan dinars during the first eight months of 2026, with a further 15.3 billion dinars in oil royalties. The bank reported total government revenue of 98.98 billion dinars against expenditure of 68.61 billion dinars over the same period.

A worker walks past processing equipment at an oil facility in Libya, highlighting the infrastructure supporting the country's petroleum industry. Photo Credit: Reuters

The separate reporting illustrates the scale of oil's contribution to Libya's public finances, although the Ministry of Oil and Gas and Central Bank figures use different currencies and reporting categories and should not be treated as directly interchangeable. Libya's oil industry remains central to government revenue and foreign-currency earnings, while authorities continue to pursue investment to rehabilitate infrastructure and increase production capacity.

The NOC has recently expanded engagement with international energy companies. On September 14, NOC Chairman Masoud Suleman met representatives of BP, Shell, KBR, Vitol and Glencore to discuss cooperation, technology transfer and increased production. The latest revenue figures therefore come against a broader effort to increase production, attract investment and strengthen the infrastructure supporting Libya's oil and gas industry.