Libya Looks To Bring Majors Back To Its Oil Industry

Catogory : Market Report

Libya’s National Oil Corporation (NOC) is holding talks with international oil companies that could result in increased investment and production in Libya’s oil industry, if security across the country improves.

Libya’s oil production has just hit its highest level since 2013, Sanalla said earlier this week. The security situation in the country improves, production could further rise from the recent 1.278 million bpd, Sanalla said. The country could lift production by “hundreds of thousands” of barrels of oil per day, security permitting, and the head of the national oil company told Bloomberg over the weekend.

Libya still has plans to raise its oil production to 2 million bpd and beyond by 2022, Sanalla said after attending the OPEC/non-OPEC panel meeting in Algeria on Sunday, where the partners in the deal discussed the state of the oil market.

Libya is able to meet some of the expected supply shortage, if security in the country is maintained, Sanalla said so.The Libyan Oil Company is talking to international oil companies and hopes to lure some of them back to the country.

We stand ready to welcome new international partners to Libya and restart operations with those that were forced to leave due to the conflict,” Sanalla said.