On Thursday, Executive Vice President of Production and Operations at British Petroleum (BP), Gordon Birrell met with the Chairman of the Libyan National Oil Corporation (NOC), Mustafa Sanalla in London.
The NOC said in a statement that the “strategic” meeting discussed the resumption of BP’s exploration in Libya. The two sides agreed to resume these activities in Libya, as per the 2018 agreement reached between the NOC, BP, and Italy’s ENI.
The statement added that Libya’s gas development strategy was also discussed. “The collaborative interest in developing and producing gas to further supply the European market, shall ensure mutual benefit to both the Libyan gas market’s growth and BP’s strategical commitment to Libya,” the NOC said.
“Furthermore, key to this development strategy is a fundamental reduction in carbon waste, and an extended development of brown to green power generation and distribution projects,” it noted.
The two parties agreed that a workshop will be held between bilateral technical teams to further discuss and develop the gas strategy.
Last month, the NOC announced that the country’s revenues of oil and gas exports reached more than $21.5 billion in 2021, the highest level in five years.
The state-run NOC said that the total net revenue for oil and gas exports last year amounted to $21.5 billion dollars, as well as €30 million euros in non-dollar sales.
It added that the record levels were achieved in November and December, raising a combined $4.3 billion in the two last months of 2021.
“The end of the year 2021 recorded a recovery, and oil prices achieved their largest annual gains since 2016, driven by the recovery of the global economy from the state of stagnation due to the coronavirus epidemic,” Sanalla said.