Latest news with #MassoudSuleman
Libya Review
6 days ago
- Business
- Libya Review
Libya & ExxonMobil Sign Offshore Energy Deal
The National Oil Corporation (NOC) of Libya signed a Memorandum of Understanding (MoU) with U.S. oil titan ExxonMobil, resuming cooperation after a decade of inactivity in Libya's offshore sector. The agreement outlines detailed geological and geophysical studies across four offshore blocks off Libya's northwest coast and in the Sirte Basin, aiming to identify potential hydrocarbon reserves. ExxonMobil withdrew in 2013 amid escalating instability and insufficient investment incentives; the MoU signals renewed confidence in Libya's improved security conditions. This development is part of a wider revival in Libya's oil sector, with other majors like BP, Shell, Eni, OMV, and Repsol having recently signed exploration agreements with NOC. ExxonMobil's return underscores Libya's potential to attract global energy partners after sustained instability. The intended exploration aligns with NOC's broader aim to boost output—currently around 1.4 million barrels per day, with a long-term goal of reaching 2 million bpd. Enhanced contractual terms and transparency reforms under Chairman Massoud Suleman aim to lure further foreign investment. 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: benghaziICRClibyaRed Crescent
Asharq Al-Awsat
07-04-2025
- Business
- Asharq Al-Awsat
Libya to Offer Production Sharing Contracts under New Oil Bid Round
Libya is set to offer 22 areas for oil exploration and development in its first such bidding round in more than 17 years, oil officials said on Monday, adding that deals will involve production sharing agreements. The new bidding round, announced on March 3, comes as Africa's second-largest oil producer and member of the Organization of the Petroleum Exporting Countries (OPEC) seeks to raise its oil output. National Oil Corporation (NOC) Chairman Massoud Suleman told an event for potential investors in London that areas on offer are split equally between onshore and offshore. Libya's current crude production has reached about 1.4 million bpd, 200,000 bpd short of its pre-civil war high, according NOC. It aims to raise output further to 2 million bpd, Reuters reported. Foreign investors have been wary of putting money in Libya, which has been in a state of chaos since the overthrow of Muammar Gaddafi in 2011. Disputes between armed rival factions over oil revenues have often led to oilfield shutdowns. NOC Chairman Suleman told Reuters on the sidelines of the event that the round has already generated a lot of interest from international oil companies since it was launched in early March. In January, Abdulsadek told Reuters the country needed between $3 billion and $4 billion in investment to reach output of 1.6 million bpd. The bidding will involve acreage in some of the most prolific basins in the country, including the Sirte, Murzuq and Ghadamis basins as well as offshore Mediterranean, oil minister Khalifa Abdulsadek told Monday's event. A presentation by other NOC officials showed the areas on offer will be under a Production Sharing Agreement model, replacing the more stringent EPSA IV model which Libya adopted under previous bid rounds and which offered fewer returns to investors. NOC expects to sign the new contracts between November 22-30.
Zawya
31-01-2025
- Business
- Zawya
Libya's state oil firm looks to boost output, transparency, new chairman says
Libya's National Oil Corporation (NOC) will focus on raising its output and transparency, new acting chairman Massoud Suleman told Reuters, as Africa's second-largest oil producer looks to recover from years of instability. The state firm oversees oil and gas production that since the 2011 ousting of leader Muammar Gaddafi has been disrupted by violent factionalism and labour disputes. Production plummeted several times last year amid wrangling between rival groups, including over leadership of the central bank which controls Libya's oil revenue. "The National Oil Corporation has a strategic plan to increase production that we will continue to implement and make any adjustments to, whenever necessary," Suleman said in response to emailed questions. NOC was producing about 1.4 million barrels of oil per day (bpd) at the end of 2024, according to the company, while the OPEC member country's longer-term target is 2 million bpd. Earlier this month, its acting oil minister, Khalifa Abdulsadek, told Reuters the country needs $3-$4 billion to reach output of 1.6 million bpd. Suleman also said he would focus on boosting NOC's transparency which could involve streamlining some operations, including possible office closures. NOC fully owns 15 subsidiaries, according to its website, in addition to stakes in joint ventures and other companies it oversees. "I will focus above all on cementing transparency inside the National Oil Corporation so that any investor, whether the Libyan state or our foreign partners, can have a high level of confidence that any money injected into the NOC will be used in the best possible way," Suleman said. Foreign investors are wary of putting money into Libya, which has long been split between rival factions in the east and west backed by Turkey and Russia. "I am still working on forming a complete picture of what has been done in some companies, such as the Mediterranean Oil Services Company," Suleman added, referring to NOC's arm which procures equipment and other services for oilfield operations. "I will likely move cautiously towards evaluating some branches and closing some of them... especially some of the newly established branches." Mediterranean Oil Services has offices in Dusseldorf, Germany, and since 2020 in Dubai. Libyan media reported that it opened an office in Istanbul last year. Closing some offices could "make the administrative structure of the corporation simpler and easier to manage in the future," Suleman said. CRUDE-FOR-FUEL SWAPS He also said he is in contact with Libya's attorney general over a "request to stop the crude swap programme". NOC has used crude-for-fuel swaps as an alternative funding method. He said he would also work with the central bank and the Tripoli-based Government of National Unity to determine the "appropriate mechanism to provide a sufficient budget that ensures the country's complete supply of refined petroleum products". His comments to Reuters are the first to outline the possible office closures and his first on the decision by the attorney general to halt NOC's use of crude-for-fuel swaps. Suleman replaced Farhat Bengdara as chairman of NOC in mid-January. Bengdara, who was appointed in July 2022, resigned due to "health issues", NOC announced. Despite being a member of the Organization of the Petroleum Exporting Countries (OPEC), Libya is exempt from output curbs agreed by its members and allies including Russia in the so-called OPEC+ group of producers. U.S. President Donald Trump has called on the group to reduce crude prices. (Reporting by Yousef Saba; editing by Michael Georgy and Jason Neely)
Reuters
31-01-2025
- Business
- Reuters
Exclusive: Libya's state oil firm looks to boost output, transparency, new chairman says
DUBAI, Jan 31 (Reuters) - Libya's National Oil Corporation (NOC) will focus on raising its output and transparency, new acting chairman Massoud Suleman told Reuters, as Africa's second-largest oil producer looks to recover from years of instability. The state firm oversees oil and gas production that since the 2011 ousting of leader Muammar Gaddafi has been disrupted by violent factionalism and labour disputes. Production plummeted several times last year amid wrangling between rival groups, including over leadership of the central bank which controls Libya's oil revenue. "The National Oil Corporation has a strategic plan to increase production that we will continue to implement and make any adjustments to, whenever necessary," Suleman said in response to emailed questions. NOC was producing about 1.4 million barrels of oil per day (bpd) at the end of 2024, according to the company, while the OPEC member country's longer-term target is 2 million bpd. Earlier this month, its acting oil minister, Khalifa Abdulsadek, told Reuters the country needs $3-$4 billion to reach output of 1.6 million bpd. Suleman also said he would focus on boosting NOC's transparency which could involve streamlining some operations, including possible office closures. NOC fully owns 15 subsidiaries, according to its website, in addition to stakes in joint ventures and other companies it oversees. "I will focus above all on cementing transparency inside the National Oil Corporation so that any investor, whether the Libyan state or our foreign partners, can have a high level of confidence that any money injected into the NOC will be used in the best possible way," Suleman said. Foreign investors are wary of putting money into Libya, which has long been split between rival factions in the east and west backed by Turkey and Russia. "I am still working on forming a complete picture of what has been done in some companies, such as the Mediterranean Oil Services Company," Suleman added, referring to NOC's arm which procures equipment and other services for oilfield operations. "I will likely move cautiously towards evaluating some branches and closing some of them... especially some of the newly established branches." Mediterranean Oil Services has offices in Dusseldorf, Germany, and since 2020 in Dubai. Libyan media reported that it opened an office in Istanbul last year. Closing some offices could "make the administrative structure of the corporation simpler and easier to manage in the future," Suleman said. CRUDE-FOR-FUEL SWAPS He also said he is in contact with Libya's attorney general over a "request to stop the crude swap programme". NOC has used crude-for-fuel swaps as an alternative funding method. He said he would also work with the central bank and the Tripoli-based Government of National Unity to determine the "appropriate mechanism to provide a sufficient budget that ensures the country's complete supply of refined petroleum products". His comments to Reuters are the first to outline the possible office closures and his first on the decision by the attorney general to halt NOC's use of crude-for-fuel swaps. Suleman replaced Farhat Bengdara as chairman of NOC in mid-January. Bengdara, who was appointed in July 2022, resigned due to "health issues", NOC announced. Despite being a member of the Organization of the Petroleum Exporting Countries (OPEC), Libya is exempt from output curbs agreed by its members and allies including Russia in the so-called OPEC+ group of producers. U.S. President Donald Trump has called on the group to reduce crude prices.
