Latest news with #MasoudSuleiman
Libya Review
10-07-2025
- Business
- Libya Review
NOC Chief: Libya Open for Global Energy Investment
On Thursday, the Chairman of Libya's National Oil Corporation (NOC), Masoud Suleiman, reaffirmed Libya's position as a highly attractive and competitive destination for oil and gas investment. Speaking at the annual OPEC conference in Vienna, Suleiman emphasized that Libya's strategic location, close to key international markets, makes it an ideal hub for energy investment. In his remarks, Suleiman pointed to Libya's untapped potential in oil and gas exploration and development. He stressed that the exploration blocks currently available to investors present significant opportunities, backed by the country's vast natural resources. He noted that the NOC is fully open to partnerships in all areas of the energy sector, including petrochemicals such as fertilizers, methanol, and ethylene, as well as oil refining projects. These projects, he said, are designed to meet domestic energy needs and export surpluses to the global market. Despite the difficult conditions Libya has endured in recent years—including political instability, production shutdowns, and financial hurdles—Suleiman reaffirmed Libya's continued commitment to OPEC's policies and production agreements. He acknowledged the adverse impacts of supply disruptions, financial constraints, and global oil price fluctuations on the NOC and Libya's broader economy. Suleiman stressed that the NOC has developed ambitious plans in partnership with major international companies aimed at boosting production, modernizing infrastructure, and expanding Libya's presence in global energy markets. He expressed hope that these efforts would lead to broader international partnerships and long-term investments. He also emphasized Libya's readiness to engage with international partners and investors, noting that the NOC seeks to unlock new opportunities and attract expertise to advance the country's energy sector. Concluding his address, Suleiman voiced optimism that the Libyan delegation at the conference would successfully present a forward-looking vision for the country's oil and gas sector. He said such efforts are key to opening new investment avenues, supporting economic development, and strengthening Libya's role as a reliable energy supplier in global markets. Tags: EnergyForeigninvestmentlibyanocoil
Libya Observer
08-07-2025
- Business
- Libya Observer
Shell and BP to resume operations in Libya by late 2025
Oil giants Shell and BP have announced plans to reopen their offices in Tripoli and resume operations in Libya by the fourth quarter of 2025. The move marks a return to the North African country after years of suspension. It was confirmed during the signing of two memoranda of understanding in London, attended by Masoud Suleiman, Chairman of Libya's National Oil Corporation (NOC), who welcomed the renewed engagement. Suleiman said he hoped the renewed partnerships would also contribute to training technical and leadership staff in Libya, describing the return as a key step toward revitalising the country's oil sector. Shell's agreement includes feasibility studies for the development of the Al-Atshan field and other NOC-owned assets. BP will focus on evaluating exploration and production potential in the Messla and Sarir fields and surrounding areas. Economy Tagged: british petroleum Shell
Libya Review
05-07-2025
- Business
- Libya Review
Benghazi Hosts Libya's Key Energy Innovation Forum
The Benghazi Energy Innovation Forum officially kicked off on Saturday, aiming to explore new opportunities for Libya's energy future. Organized by Arkino Oil Company in collaboration with the National Oil Corporation (NOC) and the Arabian Gulf Oil Company (AGOCO), the forum is held under the theme: 'Exploring New Opportunities for Libya's Energy Future.' The event brings together top leaders from Libya's energy sector and executives of oil companies to discuss strategic prospects, drive innovation, and strengthen collaboration between the public and private sectors. The opening ceremony was attended by Masoud Suleiman, Chairman of the Board of Directors at the National Oil Corporation, and Mohamed Ben Shatwan, Chairman of the Management Committee at AGOCO, along with CEOs of NOC-affiliated companies and several executives from major international oil firms. In his speech, NOC Chairman Masoud Suleiman emphasized the crucial role of such forums in driving innovation and advancing Libya's energy sector to meet future challenges and achieve sustainable development. Mohamed Ben Shatwan of AGOCO highlighted that the forum reflects a renewed national movement to revitalize Libya's oil and gas industry. He stressed the importance of ensuring its sustainability and improving efficiency amid current challenges. He also praised Arkino Oil Company's initiative and its key role in supporting AGOCO's efforts to maintain and increase production through successful partnerships. Ben Shatwan further underscored that recent accomplishments prove the importance of cooperation between the public sector and serious local investors. He pointed out the vital role of advanced technologies and innovation in boosting production and enhancing operational performance. He concluded by affirming that new discoveries, digital transformation, and improved operational efficiency are fundamental pillars for the future development of Libya's oil sector, calling for enhanced collaboration and knowledge sharing under the NOC's umbrella to serve the national economy and strengthen Libya's global energy position. The forum continued with technical workshops and discussion panels focused on the latest technologies and developments in the energy field, aiming to promote the adoption of innovative solutions to support the growth of Libya's oil and gas sector. Tags: AGOCObenghaziEnergygaslibyanocoil
Libya Observer
03-07-2025
- Business
- Libya Observer
CBL discusses support for boosting daily oil output by 247,000 barrels
Libya's Central Bank (CBL) Governor, Nagy Issa, held an extensive meeting on Wednesday with National Oil Corporation (NOC) Chairman Masoud Suleiman to discuss ways of supporting efforts to raise the country's daily oil production by approximately 247,000 barrels. According to a statement on the Central Bank's official Facebook page, the proposed increase is expected to generate an additional $6 billion annually. The bank said this would enhance its ability to meet foreign currency demand, maintain the strength of the Libyan dinar, and support broader economic stability. During the meeting, the NOC presented a visual briefing on its oil production improvement plan for 2025 and 2026. The bank added that both sides emphasized the importance of continued coordination through bilateral meetings to secure necessary financial resources for planned projects, using both domestic and international funding channels, including the Libyan Foreign Bank and several international financial institutions. The meeting, held at the CBL headquarters in Tripoli, was attended by senior officials from the Central Bank, the Libyan Foreign Bank, and the NOC. Tags: Central bank of Libya National Oil Corporation oil production
Libyan Express
03-07-2025
- Business
- Libyan Express
NOC chairman announces Libya's first oil bidding round since 2007
Major oil companies vie for new Libyan onshore and offshore blocks. Photo via Reuters The Chairman of Libya's National Oil Corporation (NOC), Masoud Suleiman, has confirmed that more than 37 international oil companies have expressed keen interest in the forthcoming oil licensing round scheduled for November, including major players such as the US-based Chevron, France's Total, and Italy's Eni. In an interview with Bloomberg published on Wednesday, Suleiman said: 'Virtually all international oil and gas firms are competing in the licensing round, which comprises 22 new onshore and offshore blocks.' This will be Libya's first licensing round since 2007. Suleiman disclosed further details, explaining that successful companies will be responsible for the costs of seismic surveys and other exploratory activities. These costs may be reimbursed should commercially viable quantities of hydrocarbons be discovered. He added that the NOC is awaiting approval of a $3 billion development budget aimed at increasing oil production to 1.6 million barrels per day within approximately one year. According to Suleiman, this budget will be allocated to develop companies such as Akakus, operator of the Sharara oil field, as well as other state-owned enterprises. He also noted that development of the North Jalu field would enable Waha Oil Company to raise its daily output by an additional 100,000 barrels. In a related development, Suleiman pointed out that the government has earmarked 20 billion Libyan dinars for fuel imports this year. However, he emphasised that this amount will not suffice to meet total domestic demand, which costs around $600 million per month. Consequently, the NOC may seek further funding. The views expressed in Op-Ed pieces are those of the author and do not purport to reflect the opinions or views of Libyan Express. How to submit an Op-Ed: Libyan Express accepts opinion articles on a wide range of topics. Submissions may be sent to oped@ Please include 'Op-Ed' in the subject line.
