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Libya Discusses Increasing Oil Production

August 9, 2023
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Abdullah Qaderbooh, President of the Administrative Control Authority (ACA), held a meeting with acting board members of the National Oil Corporation (NOC), Masoud Suleiman, and consultant Abdulaziz Yousuf.

Key attendees of the meeting included Essam Mahfouz, Acting Director-General for Oversight on Productive Sectors and Infrastructure; Abdelkader Amer, Acting Director-General for Contract Examination and Payment Review; and Mostafa Aboushahma, Director of Oversight on Productive Sectors.

The focus of the discussions revolved around the challenges hindering the efficient operations of the corporation. Both parties sought actionable solutions to streamline its functions, and realize its objectives.

Additionally, increasing production, bolstering the corporation’s capabilities, and the role of subsequent oversight by the ACA on the corporation, and its subsidiaries were topics of interest.

Emphasizing the significance of the oil sector, Qaderbooh underscored its paramount importance as the primary economic revenue for the country. Such a sector, he said, “requires meticulous planning and monitoring, to serve the public interest.”

Representatives from the corporation indicated that there are plans for a preliminary small group meeting between the ACA, and the NOC . This is set as a precursor to a larger, more comprehensive gathering that will bring together the heads of both entities, to discuss several pressing matters.

Notably, the Libyan Oil Minister, Mohamed Aoun has invited international delegations to the “Libya Energy and Economy Summit 2023” in Tripoli. The summit, scheduled for 8-9 November, will showcase Libya’s energy sector and feature prominent speakers.

Aoun met with summit organisers, Energy Capital and Power, and discussed upcoming initiatives.

According to a statement, the ministry will “extend official invitations to delegations from Europe, Africa, the Middle East, and organisations like OPEC.”

The summit is due to highlight Libya’s role as a regional energy supplier. Aoun noted the unexplored hydrocarbon potential in Libya, and expects increased investment opportunities.

International organisations such as OPEC, and the International Atomic Energy Agency will contribute to the summit.

It is due to showcase energy potential, foster partnerships, and drive economic growth.

The statement highlighted that “innovation, ambition, and diversity will take center stage in Libya’s energy opportunities at the Libya Energy and Economy Summit,” with the summit’s theme focused on “Partnerships for Energy and Economic Opportunities.”

Tags: libyanocOil CorporationOil Production
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