Masoud M. Suleman, Chairman of Libya’s National Oil Corporation (NOC), is set to speak at the Libya Energy & Economic Summit (LEES) 2026, taking place from January 24 to 26 in Tripoli. The summit will bring together national and international energy stakeholders, including bp, Eni, Shell, Chevron, and TotalEnergies, to explore strategies for Libya’s oil and gas sector. Discussions will focus on production growth, infrastructure development, and energy transition initiatives.
Under Suleman’s leadership, the NOC has embarked on a strategic revitalization of Libya’s oil sector. Production has stabilized at 1.38–1.4 million barrels per day (bpd), with a target of 1.6 million bpd by the end of 2026. The corporation aims to reach 2 million bpd within the next three to five years, provided funding and security conditions remain favorable. Oil revenues reached $21.26 billion in 2025, up from $18.61 billion in 2024, reflecting the sector’s resilience amid volatile global prices.
A key focus for the year is the first competitive licensing round in 18 years, covering 22 blocks, 11 onshore and 11 offshore. Offshore exploration remains a strategic priority, with bp and Eni planning to drill an exploratory deepwater well in the Sirte Basin in partnership with the Libyan Investment Authority. Infrastructure upgrades will require an estimated $3–4 billion in 2026 to modernize pipelines, restore lost capacity, and improve operational efficiency.
Domestic refining and petrochemicals are also central to the NOC’s agenda. Zallaf Libya, an NOC subsidiary, is advancing a 30,000-bpd refinery in Ubari to meet local fuel demand. Additionally, the Ras Lanuf ethylene plant and a second methanol plant at Sirte Oil Company have recently resumed operations, strengthening Libya’s downstream capacity.
Environmental and gas sector strategies are a further priority. The NOC aims to reduce gas flaring by 120 million cubic feet per day in 2026, redirecting previously flared gas to support the national power grid and domestic energy needs. Structural reforms introduced under Suleman’s leadership focus on governance, transparency, and audits across all subsidiaries, including Akakus Oil Operations and Waha Oil Company, which currently produce 325,000 bpd and 371,000 bpd, respectively.
“We are honored to welcome Chairman Masoud M. Suleman as a keynote speaker at LEES 2026,” said James Chester, CEO of Energy Capital & Power. “His participation underscores Libya’s commitment to transparency, sector reform, and investment-ready projects, offering attendees valuable insights into the country’s energy growth and opportunities.”
At the summit, Suleman will engage with international operators to discuss strategies for mature and marginal fields, technical partnerships, and investment opportunities, reinforcing Libya’s position as a stable destination for global energy investment.
Industry stakeholders interested in participating in LEES 2026 can visit www.LibyaSummit.com or contact [email protected] for sponsorship and delegate opportunities.
