Oil & Gas

Libya's state-owned National Oil Corporation (NOC) has announced plans to raise daily oil and gas production to two million barrels within the next three years, provided adequate funding is secured. Masoud Sulaiman, the Acting Chairman of NOC, revealed this ambitious goal during the Third Libya Energy and Economy Summit held in Tripoli. He emphasized that achieving this target would mark a significant milestone in Libya's ongoing efforts to recover and expand its oil sector.

Speaking at the summit, Sulaiman highlighted the NOC's achievements over the past three years, including a notable increase in crude oil production, which now exceeds 1.41 million barrels per day. Gas and condensate production have also recorded significant gains, further contributing to the sector's recovery. These accomplishments underscore the NOC's commitment to rebuilding the oil and gas industry despite numerous challenges.

The NOC is also focused on advancing the local petrochemical industry and improving refining capabilities to meet both domestic and international market demands. Sulaiman stressed the importance of fostering private sector involvement in the oil and gas industry as service providers, which could drive further growth and innovation in the sector.

The summit, attended by high-profile figures including Libyan Prime Minister Abdul-Hamed Dbeibah and representatives from major international energy organizations such as OPEC and GECF, underscored the vital role of Libya's oil industry in its economy. Despite ongoing political challenges since the fall of Muammar Gaddafi in 2011, Libya remains determined to leverage its oil and gas resources as a cornerstone of its economic recovery and development.