...

Libya to end foreign investment moratorium in oil sector

Oil&Gas Materials 25 January 2017 16:04 (UTC +04:00)
Libya’s National Oil Corporation (NOC) has announced plans to allow foreign oil companies to invest again in the country’s oil production.
Libya to end foreign investment moratorium in oil sector

Baku, Azerbaijan, Jan.25

By Leman Zeynalova – Trend:

Libya’s National Oil Corporation (NOC) has announced plans to allow foreign oil companies to invest again in the country’s oil production.

“We intend in the coming months to lift our self-imposed moratorium since 2011 on foreign investment in new projects to achieve the best national interest for the Libyan oil sector and for Libya as a state,” said NOC chairman Mustafa Sanalla, according to the message posted on the company’s website.

In a keynote address at Chatham House’s Middle East and North African Energy conference, Sanalla said NOC-driven projects to expand oil production could create a virtuous circle of domestic economic stimulus and security, while raising Libyan oil production to a forecast 1.25 million barrels per day (bpd) by the end of 2017 and 1.6 million bpd by 2022.

He pointed out that Libya’s oil sector had suffered from chronic under-investment.

Alongside with Nigeria, Libya was exempted from the output cut deal during the meeting of OPEC countries held in Vienna Nov.30.

---

Follow the author on Twitter: @Lyaman_Zeyn

Tags:
Latest

Latest