The Head of Libya’s National Oil Corporation (NOC), Farhat Bengdara hosted an important meeting with the Investment Committee in Tripoli.
The meeting primarily focused on discussing the opportunities available for investment in Libya’s oil and gas sector. This discussion comes as part of efforts to stabilise oil production, and lift the force majeure from exploration operations.
The meeting provided an opportunity to review investment prospects, which have shown significant improvements after the country’s security situation stabilised and oil production returned to its normal levels.
The gathering emphasised the importance of exploiting these opportunities, to boost the economy and develop the oil and gas sector in the country.
Bengdara indicated that the NOC is prepared to “offer all necessary support to global companies keen on investing in Libya. This includes providing essential information and data to potential investors.”
He also underscored the significance of strengthening collaboration between the NOC and global companies. Such cooperation aims to “fulfil mutual interests and bolster the national economy.” This affirmation comes as part of the corporation’s plan to increase production to 2 million barrels.
On Saturday, Libya’s Oil Minister, Mohamed Aoun revealed that the country plans to extend invitations to international companies to conduct seismic surveys across Libyan territory, and maritime boundaries in the upcoming year.
In press statements, Aoun hinted that Turkish companies might enjoy preferential status, in comparison to their counterparts from Italy, Norway, and the United States. This is primarily attributed to the existing infrastructure and the technical apparatus that Turkish corporations possess, which are vital for exploring and excavating traditional energy sources.
In the context of Europe’s increasing requirement for traditional energy sources, especially natural gas, the Minister stressed Libya’s potential to fulfil this escalating demand. “We are the nearest and fastest to bolster Europe with oil and gas,” he stated.
He noted Europe’s need for alternatives, following a decrease in their supply from Russia. “We currently export 300 million cubic feet of gas daily and have embarked on escalating our crude oil exports to Europe. Every additional barrel to our daily production is destined for Europe,” he elaborated.
Furthermore, Aoun divulged plans to amplify Libya’s oil production in the upcoming years. “We are committed to raising our oil output in the future, with the goal of reaching an average daily production of two million barrels, within a span of 3 to 5 years,” he said. This signifies a considerable leap from the present daily production average ranging between, 1.2-1.3 million barrels.
