The Chairman of the National Oil Corporation, Dr. Farhat Bin Qaddara, presented during the meeting of the Supreme Council for Energy and Water Affairs in his capacity as a member of the Council; “A exhibition of the public tender round, with the aim of offering a number of pieces for exploration in onshore and offshore areas“.
The Corporation’s technical committee also presented “a visual presentation showing the twenty-two pieces targeted for exploration, which will be presented in the general announcement round of 2024, and the procedures according to the timetable prepared for implementation.”
The Corporation’s technical departments reviewed to the Council “the work progress of the production increase plan, stressing their commitment to the approved timetable, noting that production today reached 1.422 million barrels of oil and condensates.”
The Council also discussed “settlement of the conditions of the Ras Lanuf Refinery, after terminating the partnership with the foreign investor, and approving the Corporation to purchase the share, recommending the necessity of operating the refinery and developing it to be an vital tributary that covers part of the local market’s needs for fuel and oil derivatives.”
For his part, the Prime Minister and Chairman of the Supreme Council for Energy and Water Affairs affirmed, at the conclusion of the meeting, “the National Unity Government’s support for the corporation’s plan to increase oil and gas production.”
Last updated: December 6, 2024 - 10:17
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Interview: Exploring Libya’s Oil Future with Dr. Farhat Bin Qaddara
In a recent meeting of the Supreme Council for Energy and water Affairs, Dr. Farhat Bin Qaddara, Chairman of the national Oil Corporation (NOC), outlined notable developments in Libya’s oil sector. We sat down with Dr.Bin Qaddara to discuss the implications of these announcements and what they mean for the future of oil exploration in Libya.
Q: Dr. Bin Qaddara, can you explain the purpose of the upcoming public tender round for onshore and offshore exploration?
A: Certainly. The public tender round aims to offer multiple exploration blocks to prospective investors,both domestically and internationally. By showcasing these twenty-two targeted pieces for exploration in 2024, we are looking to attract investment that can help us tap into Libya’s rich hydrocarbon resources. This is crucial for increasing our production capabilities and revitalizing the sector.
Q: You mentioned a visual presentation at the meeting about the targeted exploration pieces. What are the specifics of the pieces involved?
A: The visual presentation included detailed maps and geological assessments of the twenty-two areas earmarked for exploration. Our technical committee has executed thorough studies to ensure that these locations have significant potential. The presentation was designed to provide clarity and effectively communicate the opportunities available to interested stakeholders.
Q: Speaking of production,how is the current plan progressing? What production levels have you achieved so far?
A: I am pleased to report that our commitment to the production increase plan is yielding results. as of now,we have reached an output of 1.422 million barrels of oil and condensates daily. This is a testament to the hard work and dedication of our teams within the corporation. We remain on track with the approved timetable, and we aim to increase these figures even further.
Q: The Ras Lanuf Refinery has been a focal point of discussion. Can you elaborate on the recent developments regarding its conditions?
A: absolutely. The Ras Lanuf Refinery is vital for our local market as it supplies essential fuel and oil derivatives. After evaluating our partnership with a foreign investor, we decided to terminate it in favor of directly managing the refinery. We are now working on acquiring the shares and are fully committed to revitalizing the refinery to meet local demands effectively.
Q: How does the National Unity Government’s support influence the NOC’s plans moving forward?
A: The national Unity Government’s backing is essential for our strategic initiatives. Their support reinforces our plans to boost oil and gas production considerably. It creates a favorable habitat for our operations and instills confidence in potential investors. We are aligned with the government’s vision to capitalize on Libya’s energy sector and ensure it serves our economic goals.
Q: as an expert in this field, what practical advice would you offer industry stakeholders who are considering investment in Libya’s oil and gas sector?
A: My advice would be to closely monitor the developments from the NOC and engage with us to understand the landscape better. Our upcoming public tender represents a robust chance for exploration and investment. Additionally, it’s vital to stay updated with local regulations and frameworks as we refine our strategies to enhance openness and industry collaboration.
Q: in your opinion,what are the long-term implications of these initiatives for Libya’s economic landscape?
A: Enhancing our oil and gas production is pivotal for Libya’s economic recovery and growth. It will lead to job creation,increased revenue,and afterward improve our overall economic stability. As we position ourselves as a competitive player in the global oil market,successful implementation of these initiatives will enable us to attract further investments,ultimately reshaping Libya’s financial future in a positive direction.
thank you, dr. Bin Qaddara, for shedding light on these crucial developments in Libya’s oil industry. Readers can look forward to witnessing how these initiatives unfold in the coming year.