Tripoli – The Chairman of the National Oil Corporation (NOC), Engineer Masoud Suleiman, affirmed the corporation’s progress. It is implementing its plan to increase production rates. It is also developing the oil sector’s infrastructure. He noted recent operational and technical successes. These occurred at several production sites.
Suleiman explained on his Facebook account. A key step is the successful restart of the Al-Mabrouk oilfield. It belongs to Al-Mabrouk Oil Operations Company. This followed the successful commissioning of a new early production unit. Pumping rates have gradually increased. They now range between 25,000 and 30,000 barrels per day. There is a plan to reach 40,000 barrels per day by the end of March. This follows assurances from the Government of National Unity. They confirmed approval of necessary budgets.
In a related context, Arabian Gulf Oil Company (AGOCO) resumed production. This occurred at the Sinawin field in Nalut area. Production had ceased for over three and a half years. This was due to technical and financial challenges. Technical teams addressed operational bottlenecks. They also performed maintenance on the pipeline. This pipeline connects to the Mellitah Industrial Complex. This contributed to restoring the field to production. It also supported infrastructure in the western region.
Suleiman also mentioned a new success. Sirte Oil Company achieved it. They completed drilling the first horizontal well. This was at Al-Laheeb field (T27-13). It used directional drilling techniques. The well recorded a natural flow of approximately 1,870 barrels per day. This indicates developing national technical capabilities. These capabilities handle complex reservoirs.
The NOC chairman’s statements come amid a surge in oil prices. Prices rose by up to 13% today, Monday. This occurred amidst disrupted navigation. The vital Strait of Hormuz was affected. Disruptions continued following the US-Israeli attack on Iran.
Brent crude futures rose to $82.37 per barrel. This was its highest level since January 2025. It later pared gains. It traded at $78.28 by 06:05 GMT. This marked an increase of $5.41. This equates to 7.4%. US West Texas Intermediate (WTI) crude also climbed. It reached $75.33 during trading. This was an increase of approximately 12%. It was its highest level since June. It then retreated slightly. It settled at $71.76. This was an increase of $4.74 or 7.1%.