TRIPOLI, Libya, January 14, 2024 – Farhat Omar Bengdara, Chairman of Libya’s National Oil Corporation (NOC), unveiled a comprehensive vision for the future of the country’s energy sector during the opening of the second edition of the Libya Energy & Economic Summit (LEES) 2024 in Tripoli.
In his keynote address, Chairman Bengdara underscored key strategies aimed at propelling long-term industry growth. Notably, he highlighted the achievement of reaching 1.2 million barrels per day (bpd) in oil production in 2023, aligning with national objectives to elevate production to two million bpd within the next three years. To expedite this growth, NOC announced plans to augment oil production by an additional 100,000 bpd in 2024, with two bidding rounds scheduled for the year.
“Increase in gas and oil production is coupled with strategic partnerships that guarantee logical returns for us and our partners,” emphasized Bengdara, underscoring the importance of collaborative efforts in achieving these ambitious targets.
The Chairman also stressed NOC’s commitment to innovation, environmental responsibility, and sustainable growth. In this regard, he articulated the company’s balanced approach to Libya’s energy transition, asserting their dedication to responsible practices. “The Corporation confirms its commitment to its initiative on the sidelines of the conference at COP28 on reducing carbon emissions,” Bengdara stated, emphasizing the importance of actively contributing to global environmental goals.
Beyond oil, Libya’s condensate production reached 52,000 bpd in 2023. Additionally, the country possesses over 53 trillion cubic feet of proven natural gas resources. Chairman Bengdara highlighted NOC’s unwavering commitment to enhancing investments in the natural gas sector, signaling a strategic move towards diversification and sustainable energy sources.
As Libya positions itself for a prosperous energy future, the National Oil Corporation, under the leadership of Chairman Bengdara, continues to chart a course towards increased production, innovation, and environmental stewardship, showcasing the nation’s dedication to responsible and sustainable energy practices.
