The head of the National Oil Corporation (NOC), Farhat Ben-Gadara, said that they seek to increase crude oil production to two million barrels per day in the next 3 to 5 years.
Ben-Gadara added to Reuters on the sidelines of the COP28 climate conference that the NOC hopes to increase oil production by 100,000 barrels per day by the end of 2024, in addition to the current 1.3 million barrels per day.
Ben-Gadara stated that the company is preparing plans to launch bids for exploration areas by the end of 2024, indicating that the bidding round for exploration areas could include marine and onshore oil and gas fields, without specifying the number of areas.
Regarding foreign investment in Libya, Ben-Gadara mentioned that many foreign companies seek to invest in the country, including American and European companies, as well as others from the Far East.
Ben-Gadara considered that foreign investment is necessary because the country’s resources are limited, and the NOC is looking to make investment more attractive to foreign companies and for the investment to be profitable for both sides.
