Libya’s National Oil Corporation (NOC) is expected to achieve close to zero gas flaring by 2030, according to Chairman, Farhat Bengdara
In a press conference at the COP28 summit on Tuesday, Bengdara added that the NOC is aiming for an 83% reduction in gas flaring by 2030.
He told Reuters that the company is moving towards increasing production capacity to two million barrels per day, within three to five years.
The company hopes to increase oil production by 100,000 barrels per day by the end of 2024.
Last month, Bengdara affirmed the neutrality of the corporation and its neutrality from political entanglements.
During a meeting with key figures from the Libyan Economic Salon, Bengdara underscored the vital role of civil society institutions in raising awareness, and contributing to the development of national institutions for the benefit of the economy.
The discussions centered on critical issues within the oil sector, prominently featuring the NOC’s strategy for development, production rate enhancement, and securing financing beyond budgetary constraints.
Fuel supply dynamics and fortifying transparency principles in the oil sector took center stage during the meeting. As well as emphasizing the need to shield the industry from political entanglements, and other divisive issues.
Notably, the NOC announced the launch of its Investor Registration Portal, in a drive to boost transparency and leverage untapped oil reserves.
The NOC said in a statement 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 the 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.