A delegation from Libya’s National Oil Corporation (NOC), headed by Chairman, Farhat Bengdara is participating in the global energy conference of CERAWeek.
The Conference is held in Houston, USA, from 6-10 March 2023. Bengdara has been holding a number of meetings with several international companies interested in the Libyan oil and gas sector.
According to a statement by the NOC, Bengdara expressed his “pleasure at joining a large gathering of world energy leaders through the African Economic and Energy Forum, to discuss ways to meet the growing global need for energy.”
During these meetings, he emphasized the NOC’s plans to raise production capacity and increase production. He also affirmed the Corporation’s keenness to “pay attention to capacity building and establish new relations in a way that guarantees the interests of Libya, and its energy partners.”
The CERAWeek Global Energy Conference is the largest global gathering in the energy sector. A large number of ministers, company executives, and industry leaders are participating. More than 80 countries, including Libya, and about 7,500 participants are taking part in the conference.
On Tuesday, the NOC announced that crude oil production reached 1.205 million barrels.
In a statement, the NOC added that condensate production amounted to 54,000 barrels. It noted that the total domestic consumption of natural gas amounted to 1.3 billion cubic feet.
In December, the Minister of Oil and Gas in Libya’s Government of National Unity (GNU), Mohamed Aoun expressed his hopes that “oil production will return to 2010 levels.”
In press statements on the sidelines of the OPEC meeting in Kuwait, Aoun noted that Libya produces about 1.2 million barrels of oil per day.
He expressed his hope to raise production levels, and to return production to 2010 levels when Libya was producing 1.6 million barrels per day, “within two or three years.”
Aoun explained that he hopes that “Libya’s decision to lift the state of force majeure in the oil and gas exploration sector will encourage the return of foreign oil companies to the country.”
The NOC urged its foreign oil and gas partners to resume exploration and production, assuring them security had begun to improve after clashes earlier this year.
In a statement, it called on international oil and gas companies to lift their declared force majeure. This is a legal measure allowing companies to free themselves from contractual obligations, in light of circumstances beyond their control.
The NOC said its appeal followed a “realistic and logical analysis of the security situation, which has begun to improve dramatically.” it expressed “readiness to provide all necessary support… along with providing a safe working environment in cooperation with the civil and military authorities.”