The third Libya Energy and Economy Summit commenced in Tripoli, where Masoud Sulaiman, the Acting Chairman of Libya's state-owned National Oil Corporation (NOC), addressed attendees on January 19, 2025. Sulaiman indicated that the NOC aims to elevate its daily oil and gas output to two million barrels within the next three years, provided that adequate financial resources are secured.
At the summit, he reflected on the progress made in Libya’s oil industry over the past three years, noting a notable rise in crude oil production, which has surpassed 1.41 million barrels per day. Additionally, he reported improvements in gas and condensate production, as stated in a recent announcement by the NOC via their Facebook page.
Sulaiman also expressed a commitment to enhancing the local petrochemical sector and improving refining capabilities to satisfy both domestic and international demands. He underscored the importance of involving the private sector as a vital service provider within the oil and gas industry.
On the opening day of the summit, which lasted two days, Libyan Prime Minister Abdul-Hamed Dbeibah was present, along with key figures from various energy organizations, including OPEC and APPO. The Libyan oil sector, critical to the country's economy, has faced numerous challenges due to political strife since the downfall of former leader Muammar Gaddafi in 2011.
5 Comments
Jordan
Where are the financial resources going to come from? It all feels like a pipe dream.
The Truth
The NOC should focus more on regional development and less on unrealistic output targets.
Jordan
More empty rhetoric from the government. What about the ongoing political instability and security issues?
Answer
How can they ensure private sector involvement when the environment is still unstable? It's a risky venture.
Marishka
The statistics on oil production sound inflated. We need more transparency from the NOC.