Libya’s National Oil Corporation (NOC) has unveiled ambitious plans to expand the country’s oil and gas production over the next few years. NOC chairman Farhat Bengdara announced intentions to offer new licensing bids for onshore and offshore exploration by end-2024.
Speaking Tuesday at the COP28 climate summit, Bengdara said “we are in initial phases of mapping prospective areas.” The NOC seeks to double Libya’s current oil output to 2 million daily barrels within 3-5 years, eyeing preliminary boosts by 100,000 bpd through existing fields by end-2024.
Bengdara also set goals to eliminate all flaring of associated gas by 2030. He pledged to cut flaring by 83% medium-term. Rampant gas flaring has plagued Libyan petroleum facilities for decades.