Libya’s National Oil Corporation (NOC) aims to boost its oil output and enhance transparency, according to its newly appointed acting chairman, Massoud Suleman. His remarks come as the country seeks to recover from years of instability that have plagued its oil sector.
Suleman emphasized that NOC’s strategic plan includes raising oil production while adjusting operations as needed. The country’s oil output reached 1.4 million barrels per day (bpd) by the end of 2024, with a long-term target of 2 million bpd.
He highlighted the necessity for transparency within NOC, stating that ensuring proper use of investments would help build trust among both domestic and foreign investors. This focus on transparency may lead to a reevaluation of operations, with potential office closures on the horizon.
“I will work towards simplifying the corporation’s administrative structure,” Suleman said, hinting at possible closures of newly established branches. NOC operates 15 subsidiaries and holds stakes in joint ventures and other firms.
In addition to restructuring, Suleman plans to halt Libya’s crude-for-fuel swap program, which had been used as an alternative funding method. He is consulting with the country’s attorney general and central bank to develop a more sustainable approach for funding the national oil industry.
Suleman took over from Farhat Bengdara, who resigned in January due to health issues. The NOC has faced significant challenges, from factional violence to labor disputes, but Suleman’s leadership offers hope for a more stable and transparent future for Libya’s oil sector.
