Tripoli: The acting Chairman of the National Oil Corporation (NOC), Masoud Sulyman, announced plans for the corporation to achieve oil production of up to two million barrels per day over the next three years, contingent upon receiving adequate funding to support these ambitions.

According to Libyan News Agency, Sulyman made these remarks during his speech at the opening of the Energy Summit in Tripoli. He highlighted that the Libyan oil sector is experiencing continuous recovery, with current production exceeding 1.4 million barrels per day, alongside the production of gas and condensates. He attributed this progress to the “proper use of technology” and a “stable security climate.”

Sulyman emphasized the corporation’s commitment to investing in its workforce by incorporating young specialists from 54 Libyan cities into the oil sector. He also acknowledged the significant role of the private sector in providing oil and gas services. The corporation is actively working to develop the petrochemical industry locally, enhance refining capabilities to meet both local and international demand, and implement structural changes to align with international best practices. Furthermore, efforts to reduce harmful emissions and achieve the goal of “zero burning” are ongoing, with the establishment of a renewable energy department within the corporation’s administrative structure.