The Libyan National Oil Corporation (LNOC) proudly announces the launch of its groundbreaking sustainability strategy, 'Think Tomorrow,' marking a pivotal moment in the company's commitment to sustainable development, environmental stewardship, and diversified energy sources in Libya.
This visionary strategy, under the dynamic leadership of Chairman Farhat Bengdara, is centered around the 'Power of Potential.' Unveiled at COP28, the strategy, signifies LNOC's bold initiative to move beyond traditional oil-centric operations, aligning with the global shift towards sustainable practices.
Commenting on the strategic importance of this initiative, Chairman Farhat Bengdara said: 'Today, as we present our strategy at COP28, the Libyan National Oil Corporation reaffirms its commitment to a future characterized by innovation, environmental responsibility, and sustainable growth. Our vision extends beyond oil and gas production; it's about unlocking the potential for positive change – for Libya, our industry, and the global community. There's no better time or opportunity than COP28 to share our sense of responsibility and focus on action. We are navigating toward a resilient and prosperous energy future through collaboration, innovation, and a dedication to responsible practices.'
Achieving Near-Zero Gas Flaring by 2030
LNOC is resolutely committed to an ambitious 83% reduction in gas flaring by 2030, pooling collaborative efforts from nine oil subsidiaries, namely Mellitah, Al Khaleej, Sirte, Mabruk, Waha, Zueitina, Harouge, Akakus, and Alsarir. This commitment involves targeted reductions of 266 cubic feet per day, facilitated through strategic investments in gas capture technologies, robust infrastructure development, and strategic partnerships, including collaboration with the United Nations Development Program (UNDP).
Addressing Waste Oil and Water Sustainably
LNOC takes an active role in remediating waste oil and water in Libya, forging partnerships with recovery and sustainable energy companies. The conversion of 1 million cubic meters per day of wastewater into usable clean water across three major oil fields is poised to yield substantial benefits for both LNOC and the adjacent communities.
Going beyond mere cleanup efforts, LNOC prioritizes the remediation of weathered crude ponds, with a specific focus on repurposing waste as a valuable product. This approach not only tackles environmental challenges but also underscores the corporation's commitment to innovative solutions and responsible practices.
Strategic Clean Energy Integration
LNOC strategically positions itself to harness Libya's inherent strengths in solar, wind, and geothermal energy. The company is dedicated to seamlessly integrating renewable sources into the current energy landscape, with a distinct emphasis on providing renewable electricity to oil fields to reduce dependence on traditional power sources.
Additionally, LNOC aims for swift integration through initiatives promoting energy efficiency, advocating for increased adoption of renewable energy, and establishing investor programs. Beyond infrastructure development, LNOC actively champions clean technologies, sustainable education, and implements a comprehensive monitoring and measurement program to capture data on routine and non-routine methane emissions, CO2 emissions, and general leaks in existing assets.
Sustainable Agricultural Initiatives
As part of LNOC's environmental commitment, the corporation plans to plant one million trees between 2023 and 2025. This collaborative effort with government bodies and NGOs specializing in environmental and development issues aims to contribute to a greener and more sustainable future.
A Robust ESG Framework
LNOC actively integrates renewable sources such as solar, wind, and geothermal energy into the prevailing energy sector, underscoring its dedication to reducing dependence on conventional power sources and enhancing the sustainability of oil extraction operations.
To fortify this commitment, LNOC has implemented a comprehensive company-wide Environmental, Social, and Governance (ESG) Framework that guides its partnerships, investments, and colleague interactions. The Libyan National Oil Corporation (LNOC) stands unwaveringly dedicated to responsible business practices, upholding the most stringent international standards of ESG principles.