On Saturday, Chairman of Libya’s National Oil Corporation (NOC), Masoud Suleiman, announced an ambitious plan to boost oil production to two million barrels per day within three years. He emphasized that this target is achievable if adequate funding is secured to support necessary investments in the sector.
Speaking at the opening of the Energy Summit in Tripoli, Suleiman highlighted the continued recovery of Libya’s oil industry, which is now producing over 1.4 million barrels daily alongside significant gas and condensate outputs. This achievement, he noted, has been possible despite numerous challenges, including infrastructure issues and global market fluctuations.
The NOC Chief credited the success to the effective use of modern technology and the stability of the security environment.
He also pointed to the corporation’s investment in human resources, with a focus on integrating young talent from 54 Libyan cities into the workforce. These new professionals, specializing in petroleum-related fields, are expected to play a key role in driving the sector forward.
The NOC is simultaneously pursuing plans to revitalize the domestic petrochemical industry and expand its refining capabilities to meet growing local and international demand. Suleiman called on the private sector to become an active partner by providing essential services to the oil and gas industry.
In a forward-looking move, the NOC has introduced a renewable energy division as part of its organizational structure. Suleiman explained that this aligns with the corporation’s goal of adopting global best practices. Efforts to achieve environmental sustainability are also underway, with a focus on reducing harmful emissions and achieving a “zero flaring” policy.
The Energy Summit, which brings together Libyan and international experts, industry leaders, and academics, is dedicated to exploring the current state of Libya’s oil and energy sector.
