Libya’s National Oil Corporation (NOC), led by Chairman Farhat Bengdara, unveiled its transformative vision for Libya’s energy future at COP28 on Tuesday in Dubai, which emphasized a commitment to innovation, environmental responsibility and sustainable growth.
“Our vision goes beyond oil and gas; it’s about unlocking the potential for positive change — for Libya, our industry and the global community,” stated Bengdara. “There is no better time or opportunity than COP28 to share our sense of responsibility and focus on action.”
Established in 1970, NOC has played a pivotal role in Libya’s exploration and production history, with the country ranking as the 16th largest global oil producer and the second-largest in Africa. The state-owned oil firm is now seeking to make a strategic move toward more sustainable practices, with a focus on reducing gas flaring to near zero by 2030. This involves collaborations with nine oil companies, targeting an 83% reduction in gas flaring.
To harness Libya’s potential in solar and wind power, NOC is actively integrating renewables into its energy mix. A focal point of this initiative is to supply oil fields with renewable electricity, marking a significant step towards more sustainable oil operations. As part of its environmental commitment, NOC aims to plant one million trees between 2023 and 2025.
Bengdara stressed the importance of a balanced approach to Libya’s energy transition, gradually decreasing traditional oil and gas resources, while increasing renewables within the domestic energy mix. NOC’s collaboration with international energy companies aims to position Libya as a major producer and exporter of renewable energy.
“Our strategic position close to Europe allows us to be able to produce and export renewable energy at a low cost,” said Bengdara.
The Chairman also addressed the launch of the country’s Energy Tech Initiative and the upcoming hackathon scheduled for January 2024 to select a sustainability partner for the NOC among a pool of start-up companies.
“We are navigating toward a resilient and prosperous energy future through collaboration, innovation and a dedication to responsible practices,” concluded Bengdara.
NOC Chairman Farhat Bengdara will speak at the upcoming Libya Energy & Economic Summit in Tripoli on January 13–14, 2024, which takes place under the theme “A New Libya: Built on Energy.” Visit www.libyasummit.com for more information on how you can get involved.
