Chairman of Libya's National Oil Corporation (NOC) Masoud Sulaiman was talking at an energy summit at the country’s capital Tripoli on Saturday, January 18.

Key Points:

• NOC aims to increase daily oil and gas production to 2 million barrels within three years.
• Current production exceeds 1.41 million barrels per day for oil and 210,000 equivalent barrels for gas.

NOC has set an ambitious target of increasing daily oil and gas production to two million barrels over the next three years, contingent on securing adequate funding. This ambitious goal was announced by Acting NOC Chairman Masoud Sulaiman at the Third Libya Energy and Economy Summit held in Tripoli on Saturday.

Sulaiman emphasized the ongoing recovery of Libya's oil sector, highlighting the significant progress made in recent years. Crude oil production has surpassed 1.41 million barrels per day, while gas and condensate production have also shown substantial growth. These achievements, detailed in a NOC statement, underscore the company's commitment to revitalizing the vital oil industry.

Looking ahead, the NOC is actively pursuing the development of the local petrochemical industry. Furthermore, the company aims to enhance its refining capabilities to meet both domestic and international demand. Recognizing the importance of private sector involvement, Sulaiman emphasized the need to encourage private companies to play a crucial role as service providers within the oil and gas industry.

The two-day Third Libya Energy and Economy Summit commenced on Saturday, January 18 at the country’s capital Tripoli. The opening ceremony was attended by Prime Minister of Libya Abdul-Hamed Dbeibah, along with the secretaries-general of the Organization of the Petroleum Exporting Countries (OPEC), the Organization of Arab Petroleum Exporting Countries (OAPEC), the African Petroleum Producers' Organization (APPO), and the Gas Exporting Countries Forum (GECF).

Saturday’s announcement from the NOC revealed that daily oil production had exceeded 1.41 million barrels, while gas production reached an impressive 210,000 equivalent barrels. These figures further solidify the positive trajectory of Libya's oil sector.

Libya's oil industry, a cornerstone of its economy, has faced numerous challenges since the 2011 revolution that ousted Muammar Gaddafi. Political instability and ongoing conflicts have frequently disrupted oil production and hampered the sector's development.

The NOC's ambitious production target, while dependent on securing necessary funding, signifies a strong commitment to rebuilding Libya's oil industry and leveraging its significant hydrocarbon resources. Achieving this goal would not only boost the country's economy but also have a significant impact on global energy markets.