Libya’s NOC attends Scotland oil and gas forum to woo investors

May 10, 2018

A high-level oil and gas forum was inaugurated in Aberdeen, Scotland on Tuesday with the presence of Libya’s National Oil Corporation and some of the largest British oil companies.

The forum is being held the Libyan-British Business Council in association with Oil and Gas UK, Scottish Enterprise, the Energy Industries Council, and the Aberdeen and Grampian Chambers of Commerce.

The NOC's participation comes in the context of clarifying its work plan for the coming years, and to study how international partners can help increase the Libya's production to more than 2 million bpd by 2022.

The two-day forum aims to familiarize the British companies of the impact of their contribution and investment in increasing cooperation with Libya in the oil and gas sector, the NOC Information Office explained.

'The goal of our participation is to discuss and present the great opportunities available for reconstruction and investment in the oil and gas sector in Libya,' Chairman of NOC Mustafa Sanallah said, stressing that the NOC is ready to work with highly qualified consultants, contractors, vendors and service providers in the oil and gas sector.

The National Oil Corporation announced last year an ambitious plan to increase Libya's oil production to 2 million barrels per day, more than double its current level and the highest since 2014.

Libya's crude oil production exceeded 1.6 million bpd before it decreased to 400 thousand barrels in 2014 due to security events, armed clashes, and the strikes held now and then by oil employees.

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