In a recent statement, Farhat Bengdara, the Chairman of Libya’s National Oil Corporation (NOC), emphasised the corporation’s continuous efforts to achieve a crude oil production of two million barrels and secure energy sources for European partners.
This ambitious global strategy aims to position Libya among the leading oil and gas producing countries.
Bengdara highlighted NOC’s commitment to enhancing the national economy and managing the energy sector with transparency.
This approach is focused on securing energy sources both domestically and internationally, achieving sustainable development, as well as bolstering the oil industry and human investment.
The NOC launched a comprehensive human investment program, including the training of over 8,000 young men and women in oil-related disciplines.
In addition, the corporation is committed to adhering to the resolutions of the COP28 Climate Conference held in Dubai, which includes reducing carbon emissions and eliminating approximately 14 million tons of oil waste.
This proactive stance by Libya’s NOC signifies a significant step towards economic revitalisation and environmental responsibility, positioning Libya as a key player in the global oil and gas industry.
Notably, the Chairman of Libya’s NOC emphasised the corporation’s “commitment to its role with utmost neutrality, despite the challenges it encounters.”
Speaking at the General Assembly of the Arabian Gulf Oil Company (AGOCO) in Benghazi, Bengdara stated that the NOC, in collaboration with the government, “aims to change its funding mechanism through direct deduction from oil revenues.”
In a related context, Bengdara highlighted that the AGOCO achieved a high production rate, reaching 88% of the 2023 target, with an average of 273,000 barrels of oil per day.
Bengdara stressed the necessity of “holding accountable those who fall short or neglect their responsibilities, affirming the importance of adhering to performance rates, and increasing the agreed-upon production.”