Farhat Bengdara, the head of Libya’s National Oil Corporation (NOC), chaired a meeting of the General Assembly of Mabrouk Oil Operations at the headquarters of the Arabian Gulf Oil Company in Benghazi, attended by board members.
During the meeting, the NOC’s head projected the return of the Mabrouk oil field to production within this year, following its rehabilitation. The field had suffered damage due to conflicts in the region over the past years.
In a statement, the National Oil Corporation outlined that the meeting reviewed the company’s activities in 2023, its performance indicators, and key projects planned for 2024.
These projects aim to increase the company’s oil and gas production rates and reserves.
Bengdara further mentioned that the company managed to achieve 67% of its targeted production rates from the Jurf field, estimated at 26,000 barrels per day, in 2023.
This development marks a significant step towards enhancing Libya’s oil production capabilities and contributes to the nation’s economic recovery post-conflict.
The total exceptional financial arrangements allocated to the NOC for 2023 amounted to approximately 17.54 billion dinars ($3.54 billion). The allocation forms part of the total expenditure of 125.72 billion dinars.
The disclosure and transparency report issued by the Ministry of Finance, covering the period from January 1 to December 31, 2023, also revealed that the financial arrangements for the General Electricity Company of Libya totaled about 7.19 billion dinars in the past year.
According to the report, salary payments dominated Libya’s public expenditures in 2023, recording 59.99 billion dinars out of the total 125.72 billion dinars.
