The Libyan National Oil Corporation (LNOC) has launched its sustainability strategy, Think Tomorrow, at COP28, marking its commitment to sustainable development, environmental stewardship, and diversified energy sources in Libya
Centered around the 'Power of Potential', the strategy signifies LNOC's intention to move beyond traditional oil-centric operations, aligning with the global shift towards sustainable practices.
The strategy includes an 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).
LNOC takes an active role in remediating waste oil and water in Libya, with the conversion of 1 million cubic meters per day of wastewater into usable clean water across three major oil fields. Going beyond cleanup efforts, LNOC prioritises the remediation of weathered crude ponds, with a specific focus on repurposing waste as a valuable product.
LNOC is positioning itself to harness Libya's inherent strengths in solar, wind, and geothermal energy and integrate renewable sources into the current energy landscape, with an 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 programmes. Beyond infrastructure development, LNOC actively champions clean technologies, sustainable education, and implements a comprehensive monitoring and measurement programme to capture data on routine and non-routine methane emissions, CO2 emissions, and general leaks in existing assets. As part of its environmental commitment, the corporation plans to plant one million trees between 2023 and 2025.
LNOC has implemented a comprehensive company-wide Environmental, Social, and Governance (ESG) Framework that guides its partnerships, investments, and colleague intera chairman, Farhat Bengdara, said, "Today, as we present our strategy at COP28, the Libyan National Oil Corporation reaffirms its commitment to a future characterised 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."
