By Sami Zaptia.
London, 7 January 2021:
Libya’s state National Oil Corporation (NOC) announced yesterday that it is launching a project to study and improve its Strategic Plan and support corporate governance in the oil sector in collaboration with the U.S. Department of Energy.
The NOC reported that within the framework of supporting transparency and improving its and its subsidiaries’ overall performance, it is partnering with the U.S. Department of Energy to carry out a comprehensive study of its medium to long-term development plan to rehabilitate and develop producing and newly discovered fields in order to increase oil and gas production.
The study also includes a review of corporate governance within the NOC and its subsidiaries.
It explained that the ultimate objective of this project is to highlight the NOC’s strengths, identify areas in which it can improve efficiency and effectiveness. It will also suggest measures that will support the NOC’s performance, promote expanded international investment in Libya, and align the NOC with best international corporate practices.
This, it added, should enhance the chances of attracting international investment and facilitate cooperation with leading international companies in all fields of the oil industry.