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Libya Seeking International Oil Companies

OIL

Libya’s Government of National Unity (GNU), said on Monday it had lifted the force majeure for oil and gas explorations and invited international oil companies that have contracts with the state-oil company (NOC) to resume their work in the country.

  • NOC said it would help the companies’ return and provide a safe working environment “in cooperation with the civil and military authorities in Libya”.
  • “This call comes within the corporation’s efforts to lift force majeure after an objective follow-up and evaluation based on a realistic and logical analysis of the security situation, which has begun to improve dramatically,” NOC said.
  • NOC chief Farhat Bengdara said in November that oil output had risen to 1.2 million bpd from 600,000 bpd three months ago. He said NOC did not expect any production disruptions.
  • Libya has an ambitious goal of trying to produce 2mn bpd.
Energy BulletsCommodities
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