Libya: NOC Chairman said 70% of Libyan land remains unexplored
Farhat Bin Qadara, Chairman of the Board of Directors of the National Oil Corporation (NOC), revealed on December 2 that a staggering 70% of Libya’s land remains unexplored, underscoring the vast untapped potential within the country’s oil sector.
This revelation came during a series of workshops in Cairo, organized in collaboration with the US Department of Commerce and various international oil companies. Bin Qadara emphasized that this large, unexplored landmass presents a golden opportunity for future growth, offering substantial prospects for new oil discoveries and enhanced production capacity.
He stressed that Libya, with its abundant and largely undeveloped oil resources, is strategically positioned to become a major player in the global energy market. The NOC, under Bin Qadara’s leadership, is fully committed to unlocking the country’s oil reserves. Central to this effort is the development of strong partnerships with global energy firms, ensuring that Libya’s oil potential is realized in a sustainable and impactful manner.
The Cairo workshops are part of a broader initiative aimed at strengthening Libya’s ties with the international oil community. In addition to fostering collaboration with leading energy companies, the workshops also serve as a platform to explore cutting-edge technologies in oil extraction, refining, and production. These discussions are vital to improving the efficiency of Libya’s oil sector and increasing its competitiveness on the world stage.
The workshops have provided an opportunity to highlight Libya’s growing investment potential. The country’s untapped oil resources and its strategic location make it an attractive destination for energy investments. The NOC is actively seeking to engage foreign investors and international partners to bolster the development of its oil and gas infrastructure, creating new economic opportunities and advancing Libya’s energy sector to new heights. Through these initiatives, Libya aims to cement its position as a key energy hub in the Mediterranean region and beyond.
