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Guest post by Masoud Suleman, Chairman, Libyan National Oil Corporation
The economic shock we are experiencing due to the war in the Gulf is a stark reminder of both how closely our economies are tied together and the continued importance of hydrocarbons to the world economy. Building on the energy security concerns raised by the war in Ukraine, this crisis has underlined our shared vulnerabilities. With nearly 20% of global hydrocarbons currently offline and continuing uncertainty about Gulf security, we face not only rising prices and potential economic recession but also growing risks of food shortages and humanitarian crises. It is in all our interests to resolve the crisis in the Gulf but also to ensure that the global economy has more diversified and reliable hydrocarbon resources going forward.
Libya is prepared to play a central role in this regard. We have put forward an aggressive plan to fully rebuild our oil production capacity and reserves, with plans to bring production up to 1.6 million barrels a day by the end of 2026 and to 2 million barrels over the next three years. We are currently producing over 1.43 million barrels a day, the highest volume of production in Libya in over a decade. And while that decade has been marked by political instability, Libya is moving forward as a united country and a reliable energy producer, as reflected in the confidence with which our partners at TotalEnergies and ConocoPhillips agreed to reenter Libya in January 2026, with the companies together committing $20 billion to develop the Waha oil field.
Our aspirations do not end in expanding oil production. The Gulf crisis has underscored the importance of logistics and infrastructure capacity, including redundancies, as a means of ensuring the security of energy flows. Libya is working to rehabilitate and expand its natural gas network. We are preparing to open the long-delayed pipeline connecting our Intisar A/103 field to the Brega gas network. This will expand our gas production by 150 million cubic feet per day, stabilizing production for the domestic market and generating surplus gas for export. We have just signed a memorandum of understanding with Chevron to assess our shale oil and gas resources, and we are working with partners in Niger and Nigeria to begin development of a trans-Saharan pipeline. These efforts will help ensure that our European partners and the broader Mediterranean can develop a more dependable foundation on which to build regional energy security amid the longer-term transition to renewables.
To realize these aspirations, Libya will depend on the support, investment. and commitment of partners from across the globe. The Libyan oil and gas sector requires significant work to rehabilitate its existing production and distribution infrastructure, to build on emerging discoveries, and to recover domestic refining capacity. Towards these ends, we welcome the expertise, capabilities, and investment of firms across the international oil and gas sector. At the same time, we are ready to work closely with our neighbors and international partners to expand distribution of gas and oil in a way that fosters regional economic development and international energy stability.
We recognize that ambition must be matched by credibility. Libya has faced political and fiscal fragmentation, and investors are right to hold us to account on the risks this presents. That is why recent progress matters. This month, working with the support of technical advice from the World Bank and the US Department of Treasury - our government adopted its first unified budget in over a decade, including an operational budget for the National Oil Corporation. This step enables the resolution of payment arrears, the acceleration of contracting, and the financing of long-term capacity expansion in the hydrocarbons sector. These are not symbolic reforms: they represent structural changes designed to anchor commitment and confidence. As such, it marks a profound shift in the country’s governance, with leaders working cooperatively to prioritize the welfare of the Libyan people. Libya is moving forward with new optimism and promise. In this spirit, we invite our international partners to join us in delivering on our goals to redevelop the Libyan economy while bolstering energy security for the region and the wider globe.
Masoud Suleman is the Chairman of the Libyan National Oil Corporation. Throughout his distinguished career, Mr. Suleman has held several prestigious leadership positions, including as a member of the Board of Directors of Libya’s National Oil Corporation. In this capacity, he played a pivotal role in shaping strategic decisions and driving organizational growth. He was appointed Chairman of the Board of Directors at Sirte Oil and Gas Production Company, a role he earned through his consistent ability to deliver impactful results. His success in these leadership roles is underpinned by his advanced strategic planning capabilities, exceptional project management skills, and a demonstrated ability to prioritize and execute tasks with precision.
