Libyan-British oil industry cooperation conference proposed

Catogory : Market Report

UK ambassador Peter Millett has suggested to NOC Chairman Mustafa Sanalla that a conference be held next year in Aberdeen to assess ways in which British and Libyan oil sector companies could cooperate to maintain and improve Libya’s oil production and facilities.

The proposal came during talks between the two in Tripoli today on the potential for collaboration between the countries’ oil sectors. Millett floated the idea in what was a follow-up to last month’s meeting in Tunis of the British Libyan Business Council, addressed by both men and at which the needs of the Libya oil sector were discussed.

NOC chairman Mustafa Sanalla is understood to have responded positively to the Aberdeen conference idea.

Security, technical and financial challenges will not hindering Libya’s National Oil Corp. in its drive to reach a previously set production target of 1.25 MMbpd , its chairman, Mustafa Sanalla, said in October. Production at Libya’s biggest field, Sharara, is stable at 310,000 bpd, source said so.

Libya, along with Nigeria, had been exempt from oil output cuts that started in January. Neither was given a country-specific limit for its crude production in last week’s agreement between OPEC and other producers.