The Prime Minister Abdul Hamid Dbeibah held an extensive meeting on Monday with the Chairman of the National Oil Corporation (NOC), Masoud Suleiman. The meeting was attended by several officials, including the Minister of Transport, the Prime Minister’s Financial Advisor, the Minister of State for Communication and Political Affairs, and the Chairman of the Economic Development Board.
During the meeting, the NOC Chairman presented the outcomes of the general bidding round held in Houston, USA, which saw broad participation from international companies, reflecting growing confidence in Libya’s oil sector.
Preparations for new bidding rounds in Istanbul and China in the coming months were also discussed, aiming to expand international partnerships and attract modern technology to enhance production.
The meeting reviewed the NOC’s development and operational budget for 2025, including the financial requirements needed to improve production efficiency and ensure the sustainability of operational activities.
Dbeibah stressed the importance of providing detailed disclosure of the financial allocations for the exceptional budget granted to the sector in recent years, ensuring that these funds are used to develop infrastructure and increase production.
The Prime Minister emphasized the importance of developing Libya’s oil sector, improving financial and administrative transparency, and strengthening governance within the National Oil Corporation to maximize the benefits of oil resources in supporting the national economy.
Libya recorded a remarkable increase in crude oil production in 2024, with daily output reaching 1,417,382 barrels, as part of the government’s efforts to stabilize the oil sector and attract more investment.
