With Massoud Suleman now leading the National Oil Corporation (NOC), Libya's oil sector is embarking on a new direction. The corporation's new leadership is prioritizing increased production and transparency, aiming to recover from a tumultuous period marked by output declines stemming from post-Gaddafi conflicts over revenue.
NOC will continue its plan to reach 2 million bpd (currently 1.4 million), though 1.6 million bpd requires $3-$4 billion, Suleman told Western media. He stressed transparency and potential streamlining to attract investors.
Foreign investors are hesitant to invest in Libya due to the country's division between rival factions. Suleman is evaluating subsidiaries and planning cautious branch closures, especially newer ones, to simplify the structure.