Libyan Oil Sector Witnessing Continuous Recovery, Despite The Major Challenges, Says NOC Head

(MENAFN- AzerNews) The acting Chairman of the National Oil Corporation (NOC), Masoud Sulyman, announced that the corporation aims to achieve production of up to two million barrels per day over the next three years, provided that sufficient funding is provided to support these ambitions, Azernews reports, citing Libyan news agency.

Sulyman said in his speech at the opening of the Energy Summit in Tripoli yesterday that the Libyan oil sector is witnessing a continuous recovery, despite the major challenges facing the sector, as production exceeded 1.4 million barrels per day, in addition to the production of gas and condensates, noting that the credit for this progress is due to the "proper use of technology" and a "stable security climate.".

He stressed that the corporation continues to invest in developing its employees by integrating young specialists from 54 Libyan cities into the oil sector, pointing to the importance of the role of the private sector in providing oil and gas services.

He stated that the corporation is working hard to develop the petrochemical industry locally and is working according to a strategic plan to enhance refining capabilities to meet local and international demand and to implement organizational structural changes to keep pace with international best practices while continuing efforts to reduce harmful emissions and achieve the goal of "zero burning," pointing to the creation of a renewable energy department within the corporation's administrative structure.

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