Latest news with #MasoudSuleiman
Libya Observer
2 days ago
- Business
- Libya Observer
NOC, LIA review supporting key joint projects
The Acting Chairman of the National Oil Corporation (NOC), Masoud Suleiman, and the Chairman of the Libyan Investment Authority (LIA), Ali Mahmoud met on Thursday at the NOC headquarters to discuss ways to support and develop three joint oil projects between their institutions. The projects under discussion included the Gulf of Sirte project, the Ghadames Basin, and the Al-Hamada Al-Hamra project. Both sides emphasized the significance of these projects in boosting oil production rates and increasing economic returns for the Libyan state. Economy Tagged: National Oil Corporation Libyan Investment Authority
Libya Review
3 days ago
- Business
- Libya Review
Libya's NOC & LIA Discuss Projects to Boost State Revenues
Libya's National Oil Corporation (NOC) Chairman Masoud Suleiman met Thursday in Tripoli with Ali Mahmoud Hassan, Chairman and CEO of the Libyan Investment Authority (LIA), to discuss strengthening and expanding joint energy projects aimed at boosting oil production and maximizing economic returns. The meeting focused on several key ventures jointly managed by the NOC and LIA, including the Gulf of Sirte project, the Ghadames Basin project, and the Hamada Al-Hamra project. These developments are considered crucial to Libya's strategy for increasing crude output, attracting investment, and boosting revenues from its most vital economic sector. Both leaders emphasized that deeper coordination between the energy and investment sectors is essential for unlocking the country's full resource potential. The NOC brings operational expertise and technical capacity, while the LIA, as Libya's sovereign wealth fund, offers the financial power and investment networks needed to support large-scale projects. By combining their capabilities, the two institutions aim to accelerate timelines, overcome funding challenges, and ensure the optimal exploitation of national resources. The discussions come as Libya works to modernize its oil infrastructure, upgrade production facilities, and position itself competitively in global markets. Higher output would not only strengthen Libya's fiscal position but also help stabilize the economy, which has been strained by years of political division and underinvestment in critical infrastructure. The NOC reiterated that boosting production is a key national priority, with plans to steadily increase capacity toward the long-term goal of two million barrels per day. The LIA reaffirmed its commitment to channeling investment into projects that deliver both strong returns and sustainable economic benefits. The meeting ended with an agreement to set up joint technical and financial teams to track project progress, address operational hurdles, and align efforts with Libya's broader development goals. Tags: gasLIAlibyanocOil Productionrevenues
Libya Observer
5 days ago
- Business
- Libya Observer
NOC Chairman urges SLB to open branches of its mega factories in Libya
The Chairman of the National Oil Corporation (NOC), Masoud Suleiman, has called on Schlumberger Middle East (SLB) to open branches of its large-scale factories in Libya, including facilities for manufacturing pumps, wellheads, and related equipment. He emphasized the NOC's confidence in the company's ability to support and train Libyan talent in the oil and gas sector. Suleiman, accompanied by Chairman of the Arabian Gulf Oil Company, Mohamed Ben Shatwan, held an extensive meeting on Tuesday morning in London with José Lamaza, Executive Director of SLB, and Gökhan Yaram, Head of Integrated Services at SLB. According to a statement on the NOC's official Facebook page, the meeting discussed SLB's capacity to expand its services in Libya and intensify efforts to mobilize the resources needed for the sector's anticipated growth. Discussions also focused on sustainable development and community projects, as well as the potential for localizing supporting industries in Libya. During the meeting, Suleiman formally invited SLB to establish local branches of its manufacturing plants in Libya, highlighting the added value such a move would bring to the country. These include boosting the private sector, generating employment opportunities for Libyan youth, reducing import costs, saving time and resources, and meeting domestic demand. Suleiman reaffirmed the NOC's commitment to developing the sector and enhancing the skills of Libyan engineers and technicians, expressing confidence in SLB's ability to provide support and expertise. He noted that the aim is to produce a highly qualified Libyan workforce that can compete globally and elevate the Libyan oil sector to a leading position in the global energy market. He also expressed hope that SLB would expand its production operations in Libya in line with the NOC's strategy to increase crude oil output. This includes conducting optimal studies on how to utilize gas currently being flared at fields, finding solutions for sour gases, and helping the NOC achieve zero flaring to protect the environment. He further stressed the importance of strengthening the presence of Libyan professionals within the company. The NOC added that the meeting is part of its ongoing efforts to enhance the efficiency of oil services and ensure the availability of resources for the upcoming exploration round, expected to be announced by the end of 2025.
Libya Observer
6 days ago
- Business
- Libya Observer
ExxonMobil signs deal with NOC, marking return after decade-long hiatus
The National Oil Corporation (NOC) signed a memorandum of understanding with U.S. energy giant ExxonMobil on Monday in London, signalling the company's return to Libya after more than ten years of inactivity. The deal was signed by NOC chairman Masoud Suleiman and outlines advanced technical studies for four offshore blocks in Libya's northwest coast and the Sirte Basin. These include geological and geophysical surveys aimed at identifying hydrocarbon resources in the region. The agreement is seen as a major step towards ExxonMobil resuming its operations in Libya and a sign of growing investor confidence in the country's oil sector. In remarks during the signing ceremony, Suleiman said the NOC is committed to expanding partnerships with leading global firms, highlighting the long-standing cooperation with ExxonMobil. He added that the current conditions are more favourable for forming strategic alliances in line with shifts in global energy markets. He also praised Libyan expertise in exploration, drilling, and data gathering—key to laying the groundwork for future investment. ExxonMobil is among several international companies that expressed interest in NOC's latest licensing round, which offered 22 offshore and onshore blocks for exploration. Experts say the move reflects a renewed international interest in Libya's energy sector and could help boost production and unlock new reserves. Tags: NOC ExxonMobil
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
