On Thursday, Libya’s National Oil Corporation (NOC) held its annual meeting for its subsidiary the Nafusah Oil Operations Company, at its main headquarters in Tripoli.
The meeting was attended by members of the Corporation’s Board of Directors, the Chairman and members of the Company’s Board of Directors, senior managers, and department heads, as well as the Chairman and a member of the Monitoring Authority.
During the meeting, the NOC’s Board emphasised that this year would be the foundation for achieving its stated goals, including exploration, development, and production in the Sirte, Murzuq, and Ghadamis basins, to contribute to supporting the national economy.
The Board underscored the importance of prioritising young hires within the company, focusing on their training, qualification, and involvement in all company activities.
The meeting included a review of the company’s performance indicators, its proposed development plan, and discussions on various projects completed during the past year. In 2023, the company initiated phased development operations in the North Hamada region, to increase oil production rates.
Notably, the NOC declared a “state of force majeure” on the Sharara field starting on 7 January due to the closure, resulting in the suspension of supplies from the field to the Zawiya port in western Libya.
The Corporation emphasized that it had initiated negotiations with the protesters “in an attempt to resume production as soon as possible.”
The field, a major source of revenue for the country, has been a frequent target of protests and blockades, reflecting ongoing regional and political tensions within Libya.
The declaration of force majeure, a legal term used by companies to relieve them from contractual obligations due to circumstances beyond their control, underscores the severity of the situation and its potential impact on Libya’s oil output and economic stability.