The Libyan National Oil Corporation (NOC) is stepping up efforts to attract global technological and oil service companies.
In a strategic meeting chaired by the NOC’s Central Negotiation Committee for the Oil Sector, discussions revolved around bringing global tech and oil service giants, to revolutionize the oil industry.
Attended by NOC directors, alongside executives from Libya’s Tech Company, Halliburton, and Schlumberger, the meeting focused on potential collaborations with tech leaders like SAP and Oracle.
The agenda included understanding these global companies’ visions for Libya’s oil sector, and determining essential requirements in technology applications, database systems, and engineering licenses. The emphasis was also on knowledge transfer programs, and the benefits of unified contracting for digital transformation, competitive pricing, and extensive training opportunities.
This initiative marks a significant move towards integrating advanced technology in Libya’s oil sector, boosting efficiency and global competitiveness. It also signals the NOC’s commitment to leveraging international expertise, for the country’s economic and technological advancement.
On Wednesday, Libya’s Minister of Oil and Gas, Mohamed Aoun affirmed that Libya stands as the world’s fifth-largest holder of oil and shale gas reserves, citing a 2015 study by the US Energy Agency.
During a meeting with Sven Krosby, the German Acting Ambassador to Libya, Aoun highlighted the potential for significant boosts in oil and gas production through shale gas investment. This is contingent on political and security stability, to facilitate the return of companies to the region.
Further, the Minister emphasised Libya’s diverse wealth beyond oil and gas, mentioning collaboration with the Ministry of Industry and Minerals to localize the oil materials and equipment industry, involving both local investors and international companies.
Aoun also pointed out the vast unexplored areas inland and at sea, with expectations of substantial oil and gas quantities in both explored and unexplored sites.