Chairman of the Libyan National Oil Corporation (NOC), Farhat 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.
For its part, the Central Bank of Libya (CBL) announced earlier this month 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.
Notably, Libya’s Minister of Oil and Gas in Libya’s Government of National Unity (GNU), Mohamed Aoun has recently expressed his hopes that “oil production will return to 2010 levels.”
Aoun noted that Libya produces about 1.2 million barrels of oil per day.
He expressed his hope to raise production levels, and to return production to 2010 levels when Libya was producing 1.6 million barrels per day, “within two or three years.”