Speaking at the Nova Libya Expo in Benghazi today, National Oil Corporation (NOC) Chairman Masoud Suleiman said "The Corporation has plans to increase production through companies using direct government funding or the financing loan secured from the Libyan Foreign Bank.
We are also negotiating with the Central Bank of Libya to finance key NOC projects, alongside numerous projects to be funded by partners.
Specifically, regarding the Waha, North Jalo, and Waha fields, we anticipate a production increase of 100,000 barrels; this development will be carried out in partnership with the consortium comprising Total and ConocoPhillips."
He added that "The Corporation’s priorities are, first, to maintain current production levels and ensure sustainability, and then to build upon these levels to increase output—whether in oil or gas. Libya holds great promise across its various sedimentary basins, including Sirte, Murzuq, Ghadames, and offshore areas.
The Corporation has taken significant steps, most recently the General Assembly meeting. Other companies—such as Eni, Repsol, QatarEnergy, and a Turkish firm—participated and successfully secured exploration blocks’’.
The Chairman said ‘‘The exploration blocks have been approved by the Council of Ministers, and the companies are set to commence operations in early 2027.
"Geologists recognize Libya as a promising country. Geological studies—focusing not merely on known reservoirs but on "Yet-to-Find" resources (undiscovered oil)—suggest significant potential. Such resources may exist in the source rock (the "kitchen") or other areas where the actual reservoir has not yet been pinpointed.
These estimated volumes are the primary target of international companies during exploration rounds. These companies possess confidence in the region and conduct their own proprietary studies. When we announce a general round for company registration, they evaluate the blocks based on available data and conduct their own analyses to identify indicators for each block.
They look for at least the "minimum indications"—preliminary signs of potential resources—before proceeding with seismic surveys and exploratory drilling to confirm their findings.
"We cannot definitively state that oil or gas is present until drilling operations are actually carried out on these reservoirs.
Regarding gas, Libya is currently importing gas from Italy, yet we possess significant gas fields—such as NC-17, the A and E Structures, and B3. Work on these projects is well underway, though it may take some time.
We might expect some production by 2028, but these fields will come online successively as financial viability and stability are secured’’.
