In Libya, the National Oil Corporation (NOC) announced that its chairman of the board Massoud Souleiman had held, on Monday, September 28, 2026, an expanded meeting bringing together the chairmen of the boards of directors of producing oil companies, the members of the boards responsible for financial affairs, the directors of the financial departments of these companies as well as the relevant department heads of the NOC. Also present were several officials from service companies operating in the oil sector.
The meeting addressed several priority operational and financial matters, as well as the follow-up on the needs required to ensure the continuity and development of the activities.
According to the NOC, the participants notably reviewed production-increase plans and discussed the main technical and operational challenges facing the oil fields and sites. Emphasis was placed on the need to promptly address existing bottlenecks to prevent them from affecting the course of operations.
The meeting also addressed the 2026 fiscal year budget and the necessity to direct financial allocations according to the priorities and real needs of the companies, in order to meet the requirements related to the increase in production levels and the development of the sector.
The chairman of the board of the National Oil Corporation stressed the need to offset produced reserves by strengthening exploration activities, while paying particular attention to the development of refining and petrochemical industries. The issue of debts and accumulated financial commitments, as well as the receivables of service companies, was also examined. Practical mechanisms were envisaged for their settlement and clearance, to guarantee the continuity of service deliveries and to avoid any disruption of operations at the various fields and oil ports.
Moreover, Massoud Souleiman stressed that workplace safety and the protection of employees and facilities rank among the top priorities and are as important as the production-increase plans and the guarantee of the continuity of oil flows.
The meeting concluded with directives from the chairman of the board calling for on-the-ground follow-up of these matters, to define the priorities according to the site-specific requirements and to work toward resolving outstanding issues. The objective is to ensure that the approved budgets and adopted measures translate on the ground into stable production and more efficient operations.
