Farhat Omar Bengdara, Chairman of Libya’s parastatal National Oil Corporation (NOC), delivered a keynote address during this year’s Libya Energy&Economic Summit (LEES) 2024 conference – taking place in Tripoli from 13-14 January – highlighting increased oil production, local content development and decarbonization of the energy sector as strategies to drive long-term industry growth.

Oil production in Libya reached 1.2 million barrels per day (bpd) in 2023, falling in line with national efforts to ramp up production to two million bpd within three years. As such, the NOC recently announced plans to increase oil production by 100,000 bpd in 2024, with two bidding rounds on track for this year.

“Increase in gas and oil production is coupled with strategic partnerships that guarantee logical returns for us and our partners,” Bengdara stated.

Meanwhile, the Chairman emphasized the company’s commitment to innovation, environmental responsibility, and sustainable growth during his address. Bengdara stressed the importance of a balanced approach to Libya’s energy transition, highlighting the company’s aim to navigate a prosperous energy future through a dedication to responsible practices.

“The Corporation confirms its commitment to its initiative on the sidelines of the conference at COP28 on reducing carbon emissions,” he said.

Furthermore, in addition to oil, Libya’s condensate production reached 52,000 bpd in 2023. The North African country boasts over 53 trillion cubic feet of proven natural gas resources, with Bengdara emphasizing the NOC’s commitment to strengthening investments in this industry.

Distributed by APO Group on behalf of Energy Capital&Power.