Libya’s oil firm aims to enhance transparency and efficiency

In a move aimed at bolstering the nation’s economic recovery, Libya’s National Oil Corporation (NOC) has outlined a strategic plan to significantly increase oil production and enhance operational transparency.

This ambitious agenda was unveiled by Acting Chairman Massoud Suleman, who emphasized the critical need to overcome years of instability and maximize the country’s substantial hydrocarbon reserves.

Since the 2011 revolution, Libya’s oil sector has faced numerous challenges, including frequent disruptions caused by factional conflicts and labor disputes.

This instability has severely impacted production levels, hindering the country’s economic progress.

Suleman, in a recent interview, reiterated NOC’s commitment to achieving its production target of 2 million barrels per day, a substantial increase from the current output of approximately 1.4 million barrels per day.

He acknowledged the significant financial investment required to reach this goal, aligning with recent statements by Acting Oil Minister Khalifa Abdulsadek, who estimated the necessary investment to be between $3 and $4 billion.

A key pillar of Suleman’s strategy is a renewed focus on transparency and accountability within NOC.

The initiative involves a comprehensive review of existing operations, including a potential streamlining of subsidiaries and the closure of certain offices. This move aims to enhance efficiency, improve financial oversight, and foster greater confidence among both domestic and international investors.

Furthermore, Suleman has initiated discussions with the Libyan Attorney General regarding the suspension of the crude-for-fuel swap program, a mechanism previously utilized by NOC to secure essential fuel supplies.

The appointment of Suleman as acting chairman in January 2025 marks a significant shift in leadership for NOC. He succeeds Farhat Bengdara, whose tenure was marked by challenges stemming from the ongoing political and security instability within the country.

Scroll to Top