Libya: National Oil Corporation head resigns over health issues, acting Chief appointed

Farhat Bengdara, the head of Libya’s National Oil Corporation (NOC), has resigned due to health concerns, and Masoud Sulaiman has been appointed as the acting chief, the state-owned company confirmed on Thursday January 16.

The resignation was accepted by Abdulhamid al-Dbeibah, head of the Government of National Unity, with Sulaiman now overseeing operations until a new Board of directors is established at the next Cabinet meeting.

Bengdara, who took on the role in July 2022, replacing long-time NOC chief Mustafa Sanallah, had previously submitted his resignation three times over the past year. According to sources from Bengdara’s office, his resignation was prompted by the need for back surgery, which required a lengthy recovery period that could not be postponed.

The NOC is responsible for Libya’s oil and gas production, overseeing the technical sector and various subsidiaries in the country. As the third-largest oil producer in North Africa and an OPEC member, Libya’s oil industry plays a crucial role in its economy. However, since the fall of Muammar Gaddafi in 2011, the country’s oil production has frequently been disrupted by various groups blocking facilities, either to demand material compensation or to pursue broader political goals.

Meanwhile, on the global front, oil prices dropped on Thursday as investors digested strong retail data from the United States and awaited news on Yemen’s Houthi militia, which is expected to halt attacks on ships in the Red Sea.