Mohamed Shtewan, the Chairman of the Arabian Gulf Oil Company (AGOCO), recently met with advisors from Libya’s National Oil Corporation (NOC)
The meeting reviewed the NOC’s plan for increasing the productivity of its affiliated oil companies. It was attended by the Maintenance Management Director and the Production Engineering Manager of AGOCO, and addressed the requirements for production increase.
The discussions also delved into the challenges hindering the accomplishment of this goal, with a comprehensive examination of necessary solutions to achieve the set targets, according to a company statement.
Notably, the NOC announced the launch of its Investor Registration Portal, in a drive to boost transparency and leverage untapped oil reserves.
The Corporation said in a statement on Wednesday that the step coincides with a significant increase in oil production, as the NOC works toward its strategic production goals.
The portal invited both local and international investors to explore opportunities in Libya’s energy sector. Investors can register at www.nocinvestment.ly.
The statement noted that the NOC aims to enhance oil infrastructure, and unlock the potential of undeveloped oil fields.
the Central Bank of Libya (CBL) announced on Tuesday that the country’s oil sales revenue reached 74.4 billion dinars (approximately $15.16 billion US dollars) from the beginning of this year until the end of October.
The revenue had amounted to 67.1 billion dinars at the end of September 2023.
As the primary source of foreign exchange and the mainstay of the country’s revenue, oil remains central to Libya’s economy, according to the Arab World News Agency.
This significant income from oil sales illustrates the nation’s continued dependency on hydrocarbon resources amidst a fluctuating global energy market. The report from the Central Bank offers a glimpse into the financial health of the war-torn country as it navigates the complexities of post-conflict reconstruction and economic stabilization.
Earlier, Libyan Minister of Oil and Gas, Mohamed Aoun announced plans to increase daily oil production to two million barrels.
The Libyan government aims to raise oil production from its current approximately 1.2 million barrels per day, to 2 million barrels daily before the year 2030.
“We will begin to see the results of this growth within two to three years, and within approximately five to seven years when we reach the target of two million barrels per day,” Aoun said in a press statement.
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