DUBAI - Libya's National Oil Corporation (NOC) is on track to reach oil output of 2 million barrels per day (bpd) in the next three to five years and is planning bidding rounds for exploration blocks by the end of 2024, its chairman said on Tuesday.

NOC hopes to increase oil production by 100,000 bpd from the current 1.3 million bpd by the end of next year, Farhat Bengdara told Reuters at the COP28 climate summit.

A bidding round for exploration blocks could include offshore and onshore blocks for both oil and gas, he said, though the number of blocks has yet to be decided.

"We see a lot of interest," Bengdara said. "I can't name names, but American companies, European companies, companies from the Far East."

Foreign investment is necessary because the country's resources are limited, Bengdara said, adding that NOC was looking to make investment more attractive for foreign companies.

"It needs to be a win-win situation," he said.

(Reporting by Maha Eldahan and Yousef Saba Writing by Ahmed Elimam Editing by David Goodman)