The Chief Executive Officer of the National Oil Corporation (NOC), Farhat Ben-Gadara, expressed the corporation’s ambition to ramp up crude oil production to two million barrels per day within the next 3 to 5 years.
In remarks to Reuters during the COP28 climate conference sidelines, Ben-Gadara outlined NOC’s target to boost oil production by an additional 100,000 barrels per day by the conclusion of 2024, augmenting the current output of 1.3 million barrels per day.
Ben-Gadara disclosed that the corporation is in the process of devising plans to initiate bidding rounds for exploration areas by the end of 2024. He hinted that these bidding rounds may encompass both marine and onshore oil and gas fields, though the exact number of areas was not specified.
Addressing foreign investment in Libya, Ben-Gadara noted the interest from numerous foreign entities, including American, European, and Far Eastern companies, to invest in the country’s energy sector.
Highlighting the necessity of foreign investment due to limited national resources, Ben-Gadara stressed NOC’s commitment to rendering investment opportunities more attractive to foreign entities while ensuring mutual profitability for all parties involved.
