Tuesday, July 15, 2025
LibyaReview
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion
No Result
View All Result
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion
No Result
View All Result
LibyaReview
No Result
View All Result
Home Libya

Libya’s NOC Appoints New Chairman for Sirte Oil Company

August 15, 2022
Share on FacebookShare on Twitter

On Sunday, the Chairman of Libya’s National Oil Corporation (NOC), Farhat Bengdara appointed Mohamed Al-Fantari as Chairman of Sirte Oil and Gas Company.

According to Bengdara’s decree, Al-Fantari will succeed former Chairman, Abdullah Shweiki.

In June, Prime Minister Abdel Hamid Dbaiba named a new Board of Directors for the NOC, headed by Bengdara. This replaced the previous board led by Mustafa Sanalla.

Last week, Bengdara announced that the company was aiming to raise oil production rates to 2 million barrels per day (bpd).

“This will be achieved in accordance with a 3-5 year medium-term plan, to increase crude oil production rates to two million barrels per day within available capabilities,” he noted.

Bengadra stressed that “the current capabilities, in terms of reservoirs and reserves, will help to reach these rates,” explaining that the country’s crude oil production has surpassed 1.2 million bpd. He added that increasing oil production has been the main goal of the Board since taking office.

Prior to Sanalla’s ouster, the NOC stated on 30 June that exports had ranged from 365,000 bpd to 409,000 bpd. This was a result of the force majeure declares on loadings out of the Es Sider and Ras Lanuf terminals, as well as production at the El-Feel oil field, following the closures of the Brega and Zueitina terminals.

Crude production reached a two-year low of 650,000 bpd in June, according to the latest Platts survey of OPEC+ output by S&P Global Commodity Insights, against a capacity of 1.2 million b/d.

Libya has Africa’s largest oil reserves and hydrocarbons, which account for 95% of government revenues. This makes the control of the industry a key point of contention between its rival parties.

Armed factions have also sought to control production and exports, sometimes attacking oil infrastructure, and devastating the economy.

Libya’s economic recovery, however, is gathering momentum, boosted by a large increase in hydrocarbon output in 2021, according to the African Development Bank. The economy is expected to expand by 3.5% this year, and 4.4% in 2023. This will depend on the stabilization of the political situation, security improvements, and persistence of oil production.

Tags: Farhat bin Qadaralibyanational oil corporationnocSirte Oil Company
Next Post

Libyan Capital Facing Severe Bread Crisis

POPULAR CATEGORIES

  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

MUST READ

Libya Refuses to Hand Over Security Official to ICC

Ankara’s Ties with Haftar’s Administration Strengthen

Libya & China Discuss Housing & Energy Cooperation

Libya Warns UN of Greek Violations in Contested Sea Zone

IOM: 415 Migrants Intercepted & Returned to Libya

UNSMIL Launches Nationwide Survey to Shape Libya’s Electoral Roadmap

EDITOR PICKS

Libya Tops Africa in Oil Reserves with 48.36 Billion Barrels

Libya & Greece Reaffirm Commitment to Closer Ties

UK Reaffirms Support for Libya’s Electoral Process

Libya’s Benghazi Launches Platform to Report E-Payment Abuse

Greek FM Arrives in Libyan Capital Tripoli

Libya Seeks Justice for Nationals in Italian Prisons

  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

© 2024 LR

No Result
View All Result
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

© 2024 LR