To attract foreign investment and improve transparency, Libya plans to offer new oil and gas blocks for exploration for the first time in over 17 years.
In February this year, the NOC introduced a new strategic plan to revitalise Libya’s oil and gas sector, in collaboration with the U.S. firm KBR. It created the Strategic Programs Office to implement this plan to help the company “keep pace with developments in this sector worldwide.” The strategy is expected to help the Libyan National Oil Corporation increase Libya’s oil output to 2 million bpd in three to five years, from around 1.2 million bpd at present.
Under the plan, new oil and gas blocks will be offered for exploration for the first time in more than 17 years. In May, three international oil majors, Italian Eni, French Total, and UAE-based Adnoc, entered into talks with the NOC about the potential in the NC7 block in the Ghadames Basin. Eni continues to be the biggest foreign investor in Libya’s oil and gas sector, having begun operations in 1959.
In May, Zallaf Libya Oil and Gas, a subsidiary of the NOC, announced that output at the Erawin oilfield has increased to
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