Baku, Azerbaijan, Feb.21
By Leman Zeynalova – Trend:
Libya’s National Oil Corporation (NOC) and Russia’s Rosneft company have signed a cooperation framework agreement that lays the groundwork for investment by Rosneft in Libya’s oil sector, said the message on NOC’s website.
The agreement envisages the establishment of a Joint Working Committee of the two partners to evaluate opportunities in a variety of sectors, including exploration and production.
Reportedly, Rosneft and NOC also signed a crude oil offtake agreement (an agreement between a producer and a buyer to buy/sell a certain amount of the future production).
The accord represents a step forward in NOC’s plans, announced by chairman Mustafa Sanalla in London last month, to encourage investment by foreign oil companies in the expansion of Libya’s oil production to levels of 2.1 million barrels per day by 2020, said the message.
“We need the assistance and investment of major international oil companies to reach our production goals and stabilize our economy,” said Sanalla.
Alongside with Nigeria, Libya was exempted from the output cut deal during the meeting of OPEC countries held in Vienna Nov.30.
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