Dr. Farhat Bengdara, Chairman of Libya’s National Oil Corporation (NOC), presented an overview of the upcoming bid round during a meeting of the Supreme Council for Energy and Water, in his capacity as a member. The presentation outlined plans to offer several onshore and offshore concessions for exploration.
The NOC’s technical committee also delivered a detailed presentation on the 22 concessions targeted for exploration, which will be included in the 2024 bid round, along with a timeline for execution.
The corporation’s technical departments updated the council on the progress of its production increase plan, affirming their commitment to the approved timeline. Current production has reached 1.422 million barrels of crude oil and condensates.
The council also discussed the situation of the Ras Lanuf refinery following the termination of the partnership with a foreign investor. The NOC has been authorized to purchase the investor’s share, with recommendations made to resume operations and develop the refinery to meet a significant portion of the local market’s fuel and oil derivative needs.
At the conclusion of the meeting, the Prime Minister and Chairman of the Supreme Council for Energy and Water emphasized the Government of National Unity’s support for the NOC’s plan to increase oil and gas production.