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The Libyan National Oil Company (NOC) has called on foreign companies active in the hydrocarbon sector to resume exploration and production operations. The company officials said that the security situation has considerably improved in the recent days
The Libyan National Oil Company (NOC) has called on foreign companies active in the hydrocarbon sector to resume exploration and production operations. The company officials said that the security situation has considerably improved in recent days.
The NOC appealed to international companies operating in the oil and gas sector, with whom agreements for exploration and production of oil and gas have been signed, to lift the force majeure invoked. The state of force majeure is a measure invoked in exceptional circumstances that preempt companies operating in Libya, in case of failure to meet contractual obligations.
Over the past decade, Libya has been regularly plagued by violent clashes between rival factions in the east and west. This affected the exploitation of oil fields, and the transport of hydrocarbons and oil terminals, which are caught between the two camps.
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In its assessment, NOC assured foreign investors that there has been a significant improvement in some sites where it was difficult to operate and called on them to resume operations. It also assured the companies that the government would provide all security support. Libya is seeking to increase its oil production to 2 million barrels per day, almost doubling from the current level of 1.2 million barrels per day.
