Benghazi Hosts Libya's Key Energy Innovation Forum
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
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Libya Review
3 days ago
- Libya Review
Libya Set for Oil & Gas Boom as Global Energy Giants Return
Libya's oil and gas sector is entering a transformative era, with the return of major international energy companies after over a decade of stagnation. The renewed interest in Libya's vast untapped reserves is expected to trigger a production boom and restore the country's prominence in the global energy market. According to a report by the US-based Energy Platform, global players are eyeing Libya's proven reserves exceeding 40 billion barrels of oil, much of which is located in the prolific Sirte Basin. This signals a new wave of international investment in the North African state. In July 2025, British energy giant BP signed a Memorandum of Understanding (MoU) with the National Oil Corporation (NOC) to redevelop the Sarir and Messla fields, and assess the potential of unconventional oil and gas resources in the area. The company plans to open offices in Libya by the last quarter of the year. That same month, Shell also made its comeback, inking an MoU with the NOC to study the technically complex Atshan Field, as well as other assets, with feasibility and technical studies planned as a first step before full-scale development. In August 2025, ExxonMobil joined the momentum, signing an MoU to conduct geological and geophysical studies in four offshore blocks — marking its first return to Libya in over ten years. Libya currently produces around 1.38 million barrels per day, with ambitions to raise output to over 2 million barrels daily in the coming years. The last time Libya reached such levels was in the mid-2000s. During the first half of 2025, average production rose to 1.28 million barrels/day, compared to 1.15 million barrels/day in the same period of 2024. The Sharara field — known for producing some of the world's highest-quality crude — hit 310,970 barrels/day, its highest since 2018. The Sarir Oil Operations Company also boosted its output to 54,000 barrels/day. Libya's oil and gas revenues reached $11.32 billion in the first seven months of 2025, up from $10.6 billion in the same period of 2024, a year-on-year increase of $720 million. Despite this surge, challenges persist. Many facilities require modernization, and several fields face repeated shutdowns due to technical or logistical issues. Investment in enhanced oil recovery (EOR) technologies is seen as vital to maximizing output from aging fields. Industry experts believe that the return of global firms with cutting-edge technology offers Libya an opportunity to boost operational efficiency and overcome infrastructure gaps. According to Energy Connects, the first phase of these agreements will focus on data analysis, feasibility studies, and field assessments, with large-scale investment decisions expected within one to two years. With a strategic location, massive reserves, and renewed international interest, Libya is once again emerging as one of the most promising frontiers in the global energy landscape. Tags: BPExxonMobilgaslibyanocoilShell
Libya Review
13-08-2025
- Libya Review
Libya Confirms 4,200 BPD Oil Discovery
The National Oil Corporation (NOC) has announced a commercial oil discovery in the Ghadames Basin with an estimated production capacity of 4,200 barrels per day. In a statement on Tuesday, the NOC said the National Drilling Company began mobilizing Rig No. 11 to the site to drill three strategic wells for Sonatrach-SIPEX, under an Integrated Project Management (IPM) approach, in partnership with leading international and local companies. NOC Chairman praised the National Drilling Company's role, highlighting the efforts of its negotiation team, which secured strategic partnerships that enhance its position as a reliable partner in major drilling projects, particularly those meeting global standards for integrated projects. The statement noted that this achievement follows a series of recent successes, including reactivating rigs No. 13, 12, and 33 and adding them back to the company's fleet. These steps reflect a strong commitment to operational readiness, improved performance efficiency, and revenue growth, bolstering competitiveness in domestic markets. Regarding Sonatrach's operations in Libya, the Algerian company was granted an exploration and production sharing license during the 2008 public bidding round. The NOC confirmed the commerciality of the A-65/2 oil discovery in the Ghadames Basin, achieved by Sonatrach, paving the way for development and early production. Production rates are expected to exceed 4,000 barrels per day, as part of the NOC's ongoing strategy to boost Libya's oil and gas reserves and strengthen its energy sector. Libya has been in chaos since a NATO-backed uprising toppled longtime leader Muammar Gaddafi in 2011. The county has for years been split between rival administrations. Libya's economy, heavily reliant on oil, has suffered due to the ongoing conflict. The instability has led to fluctuations in oil production and prices, impacting the global oil market and Libya's economy. The conflict has led to a significant humanitarian crisis in Libya, with thousands of people killed, and many more displaced. Migrants and refugees using Libya as a transit point to Europe have also faced dire conditions. The planned elections for December 2021 were delayed due to disagreements over election laws and the eligibility of certain candidates. This delay has raised concerns about the feasibility of a peaceful political transition. Despite the ceasefire, security remains a significant concern with sporadic fighting and the presence of mercenaries and foreign fighters. The unification of the military and the removal of foreign forces are crucial challenges. Tags: libyanocNorth Africaoil
Libya Review
12-08-2025
- Libya Review
Libyan Technical Teams Complete Diesel Plant Restart
Technical teams from the Arabian Gulf Oil Company (AGOCO) have successfully restarted the diesel processing plant at the Al-Bayda oil field, following directives from company chairman Mohamed Ben Shatwan and board member for operations, maintenance, refineries, and supply, Awad Akweidir. The restart was achieved after the implementation of a precise work plan, mobilizing all necessary technical and logistical resources. The effort involved coordination between pipeline departments, maintenance coordinators from the Sarir, Al-Bayda, and Nafoura fields, as well as the Al-Bayda field management team, operations coordinators, and refinery management. AGOCO confirmed that the operation was carried out to the highest technical standards, delivering outstanding results that highlight the expertise of the company's national workforce. The company expressed its appreciation for the dedicated efforts and spirit of teamwork that ensured the project was completed efficiently and within the scheduled timeframe. Libya has been in chaos since a NATO-backed uprising toppled longtime leader Muammar Gaddafi in 2011. The county has for years been split between rival administrations. Libya's economy, heavily reliant on oil, has suffered due to the ongoing conflict. The instability has led to fluctuations in oil production and prices, impacting the global oil market and Libya's economy. The conflict has led to a significant humanitarian crisis in Libya, with thousands of people killed, and many more displaced. Migrants and refugees using Libya as a transit point to Europe have also faced dire conditions. The planned elections for December 2021 were delayed due to disagreements over election laws and the eligibility of certain candidates. This delay has raised concerns about the feasibility of a peaceful political transition. Despite the ceasefire, security remains a significant concern with sporadic fighting and the presence of mercenaries and foreign fighters. The unification of the military and the removal of foreign forces are crucial challenges. Tags: AGOCOEnergylibyaoil
