Libya and Germany Meet to Increase Oil and Gas Activities.

Catogory : Market Report

Mustafa Sanalla, chairman of Libya’s state-run oil and gas firm NOC, met with Germany’s Ambassador to Libya, Christian Buck. During the meeting, potential paths to increase the activity of German companies in Libya was discussed.

NOC said on its website that both sides had reviewed possible cooperation in the field of oil and gas exploration and the continuing efforts of the NOC to boost oil and gas production in Libya.

Sanallah and Buck stressed that stability and security is key to the improvement and continuation of production in Libyan oilfields.

The NOC also hailed the fact the Wintershell Company is operating in Libya along, highlighting the willingness of a number of other German companies to enter the Libyan market.

A very bright future for foreign investment has been predicted for Libya. Oil is obviously a predominant industry, along with gas, and it is planned that the entire sector will receive an overhaul.

Current oil production sits at around 1.2 million barrels per day in a country that boasts the largest proven oil reserves on the continent along with vast gas reserves.