Libya Business News
Wednesday, March 22, 2023
  • Security
  • Oil & Gas
  • Industry
  • Politics
  • Construction
  • Finance
  • Tenders
  • Transportation
  • Videos
No Result
View All Result
Libya Business News
  • Security
  • Oil & Gas
  • Industry
  • Politics
  • Construction
  • Finance
  • Tenders
  • Transportation
  • Videos
Libya Business News
No Result
View All Result
Home Oil & Gas

NOC Outlines Vision to Senior US Officials

21st October 2019
in Oil & Gas
Petrofac Wins 2 New Contracts in Libya
Share on FacebookShare on Twitter

By John Lee.

The chairman of Libya’s National Oil Corporation (NOC), Mustafa Sanalla, met key US officials in Washington DC.

During the meeting, Dr Jamal Houwaisa, principle advisor to the NOC Board, presented the corporation’s strategy to increase Libyan production to 2.1 million barrels of oil and 4 billion cubic feet of gas per day by 2024 – conditional on improved security and sufficient financing.

Dr Houwaisa also presented NOC’s offer to potential buyers and investors. NOC chairman commented:

“Our investment programme covers exploration, infill drilling, water injection, well workovers, new field development, damaged facility rehabilitation and expansion. We need to pay pending invoices to service companies to help restore confidence in the sector. Libya is a valued short-haul supplier for the Mediterranean region. Our infrastructure is well-established, and our upstream offer, with virtually no geological risk in most cases, is exceptional.”

In a meeting with senior officials from the US State, Treasury and Energy departments, the chairman further detailed the constraints on operations arising from the lack of necessary funding and unstable security conditions, which prevent capacity increases and risk a sharp fall in production.

Mr Sanalla called for greater transparency among all Libyan government institutions to account for every dinar received and spent, citing NOC’s initiative to disclose monthly revenues as an example.

The chairman also reviewed the activities of NOC’s procurement office in Houston and discussed potential contracting opportunities for American companies.

Among the parties present were Libya’s Minister of Planning Al-Taher Al-Jahimi, Minister of Finance Faraj Bumtari, the governor of Central Bank of Libya, Sadiq al-Kabir, the Ambassador of Libya to the US, and representatives of the International Monetary Fund and the World Bank.

(Source: NOC)

Tags: featuredMustafa SanallaNational Oil Corporation (NOC)United States

Latest News

Enterprise Greece Delegation in Libya to Develop Bilateral Business Ties

Enterprise Greece Delegation in Libya to Develop Bilateral Business Ties

4th October 2021
Dbaiba Meets with Eni's CEO Descalzi to Discuss Areas of Cooperation in Libya

Dbaiba Meets with Eni's CEO Descalzi to Discuss Areas of Cooperation in Libya

22nd March 2021
Latest Oil Tenders

Latest Oil Tenders

16th March 2021

Recent News

Enterprise Greece Delegation in Libya to Develop Bilateral Business Ties

Enterprise Greece Delegation in Libya to Develop Bilateral Business Ties

4th October 2021
Dbaiba Meets with Eni's CEO Descalzi to Discuss Areas of Cooperation in Libya

Dbaiba Meets with Eni's CEO Descalzi to Discuss Areas of Cooperation in Libya

22nd March 2021

Categories

  • Security
  • Oil & Gas
  • Industry
  • Politics
  • Construction
  • Finance
  • Tenders
  • Transportation
  • Videos

Menu

  • Home
  • About Us
  • Contact

Join our mailing list!

Sign-up to receive email updates on the latest news and developments.





© 2021 Libya Business News - Your Libyan business news partner

No Result
View All Result
  • Security
  • Oil & Gas
  • Banking & Finance
  • Politics
  • Industry & Trade
  • Construction & Engineering
  • Investment
  • Tenders
  • Transportation
  • Videos
  • Contact Us

© 2021 Libya Business News - Your Libyan business news partner

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “I Agree”, you consent to the use of ALL the cookies.