On Wednesday, the Libyan Investment Authority (LIA) signed a strategic agreement with British Petroleum (BP) to enhance their partnership. The signing ceremony took place at BP’s headquarters in Cairo, attended by LIA Chairman, Ali Mahmoud Hassan, along with board members, officials, and experts from both sides.
The LIA said in a statement that the agreement aims to strengthen collaboration and partnership between the two, emphasising the progression of the exploration project in the Ghadames and Sirte Basin for Blocks A, B, and C.
This project, in partnership with Italy’s ENI and Libya’s National Oil Corporation (NOC), stands as one of the largest exploration endeavours in Libya, encompassing both onshore and offshore exploration.
Both parties expressed optimism about the success of the partnership, demonstrating confidence in overcoming challenges.
Discussions also delved into exploring new projects in the oil and gas sector, to contribute to the growth of Libyan production. Additionally, alternative energy projects were considered to support Libya’s energy sector, and reduce emissions.
Earlier this week, the Libyan Minister of Oil and Gas, Mohamed Aoun held talks with the British Ambassador to Libya, Martin Longden.
According to a statement, the two sides also discussed ways to increase oil and gas production and develop fields, aiming to reach a daily output and exportation of two million barrels.
During the meeting, the UK Ambassador expressed his anticipation for further progress in improving the overall situation to encourage and promote investment in Libya.
Both parties affirmed their commitment to cooperation, leveraging expertise, technology, and opportunities for training and experience gained in the oil and gas industry.
Earlier, Aoun said that current oil production declined to 950,000 barrels per day, while average gas exports range between 300 and 400 million cubic feet.
In an interview with CNBC Arabia, Aoun revealed that his ministry has successfully recovered $2 billion dollars from the former Chairman of the NOC Mustafa Sanalla, and returned it to the state treasury.
He noted that additional amounts are still to be recovered from various companies, with approximately $500 million dollars pending. He emphasized that foreign companies have shown no objection to the process.
Aoun mentioned that there is a freeze on Libyan funds in the United States estimated at $30 billion dollars, with a similar amount frozen in Europe.