TRIPOLI – Libya's National Oil Corporation (NOC) is prioritizing increased oil production and greater transparency under its new acting chairman, Massoud Suleiman. Suleiman told Reuters that the NOC has a strategic plan to boost output and will continue its implementation, making adjustments as needed.
Currently, the NOC reports production of approximately 1.4 million barrels per day (bpd) at the end of 2024. The corporation's long-term target is 2 million bpd. Suleiman emphasized his commitment to achieving this goal.
Beyond production, Suleiman stressed the importance of enhancing transparency within the NOC. This focus could lead to streamlining operations, potentially including office closures. The NOC's structure includes 15 wholly-owned subsidiaries, along with stakes in joint ventures and other overseen companies.
"I will focus above all on cementing transparency inside the National Oil Corporation so that any investor, whether the Libyan state or our foreign partners, can have a high level of confidence that any money injected into the NOC will be used in the best possible way," Suleiman stated.
He noted that he is still assessing the operations of some subsidiaries, including the Mediterranean Oil Services Company (MOSCO), the NOC's procurement arm for oilfield equipment and services. MOSCO has offices in Dusseldorf, Germany, and Dubai, and Libyan media have reported a recent office opening in Istanbul.
Suleiman indicated a cautious approach to evaluating certain branches and potentially closing some, particularly those recently established. He suggested that streamlining the corporation's administrative structure could simplify future management. The closure of some offices, including potentially those belonging to MOSCO, is being considered as part of this effort.
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