On Sunday, the Chairman of Libya’s National Oil Corporation (NOC) received Member of Parliament (MP), Issa Al-Araibi, the Chairman of the Energy Committee of the Parliament.
The meeting was held at NOC’s headquarters, in the capital, Tripoli. According to a statement by NOC, the meeting aimed to assess the primary challenges facing the NOC in achieving its objectives.
During the meeting, Al-Araibi expressed Parliament’s support for the NOC’s plan to raise oil production to 2 million barrels.
He endorsed NOC’s new strategy to revitalize Libya’s energy sector, positioning it among the leading global institutions.
The gathering also involved a comprehensive review of the NOC’s annual budget for 2022 and discussions on fuel supply operations.
Notably, the NOC has announced earlier the launch of its Investor Registration Portal, in a drive to boost transparency and leverage untapped oil reserves.
The NOC said in a statement on Wednesday that, the step coincides with a significant increase in Libyan oil production as the NOC works toward its strategic production goals. The NOC invited both local and international investors to explore opportunities in Libya’s energy sector.
By registering at NOC Investor Registration Portal, investors can become part of Libya’s oil future. 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.
Notably, the Central Bank of Libya (CBL) announced on Tuesday that the country’s oil sales revenue reached 74.4 billion Libyan 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 Libyan 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 Libyan 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 stabilisation.
Earlier, Libyan Minister of Oil and Gas, Mohamed Aoun, said that his country plans to increase its daily oil production to two million barrels before 2030.
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.