Libya’s National Oil Corporation Plans to Increase Production and Be More Open, New Chairman Says
Libya’s National Oil Corporation (NOC) will focus on increasing oil production and being more open, said new acting chairman Massoud Suleman to Reuters. The country, Africa’s second-biggest oil producer, is trying to recover from political instability.
Libya’s Oil Plans
The National Oil Corporation (NOC) has a plan to increase oil production. Suleman said they will continue with this plan and make changes if needed.
He also wants to make the company more transparent. This might include simplifying operations, such as closing some offices. NOC owns 15 smaller companies and has shares in joint ventures.
Suleman said the goal of transparency is to make investors feel confident that their money will be used properly. Many foreign investors are hesitant to invest in Libya because the country has been divided between rival groups in the east and west.
Suleman said he will carefully review some branches and may close a few, especially the newer ones.
Crude Swap Program
Suleman is discussing with Libya’s attorney general about stopping the crude swap program, which NOC has used as a way to get funding.
He also plans to work with the central bank and the Government of National Unity to find the best way to secure enough money to ensure the country gets all the refined petroleum products it needs.
Oil Production
Last month, NOC announced that Libya’s daily oil production went above the 2024 target, reaching 1.4 million barrels, plus 52,633 barrels of condensates. This happened despite delays in the 2024 budget.
NOC credited this success to the hard work of oil workers and the security provided by the military and law enforcement.
The company is hopeful that production will increase further in 2025 and beyond. It has not shared specific targets for 2024 or 2025. NOC also plans to offer public bidding for oil and gas exploration, which could help future growth.
Although Libya is a member of OPEC, it does not have to follow the production limits set by the OPEC+ agreement.
Published: 1st January 2025
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