The Libyan government of Caretaker Prime Minister, Abd Alhamid Aldabaiba, supports the efforts made by the National Oil Corporation (NOC) to activate previous oil agreements and to conclude new agreements to increase oil and gas production. It also called on international companies to return to their activities in Libya after the state of stability that prevails.
The news was revealed by Minister of Finance Khaled Al-Mabrouk on behalf of Aldabaiba. Al-Mabrouk was speaking Friday in Istanbul at the Oil and Gas Sector Support Forum.
Attending the event were NOC Chairman, Farhat Bengdara, the Governor of the Central Bank of Libya (CBL), Saddek El-Kaber, the Chairman of the Libyan Investment Authority, Ali Mahmoud, members of the Committee for Executing the Extraordinary Budget of the NOC, the Libyan Foreign Bank, and directors of Libyan banks abroad.
The event was organized by the NOC, which in turn invited Eni, Total, ConocoPhillips, Repsol, OMV and Wintershall.
The NOC’s subsidiaries operating in the sector: Zueitina, Al-Waha, Arabian Gulf, Akakus, Mellita, Al-Sarir, Harouge, and Al-Mabrouk also attended.
The NOC’s triple plan
At the event, NOC chairman Bengdara said the forum aims to present the NOC’s triple plan and vision to increase oil and gas production, as well as support by the banking sector and various financial institutions for the NOC’s programmes and projects. The partnership between the Libyan private sector and foreign companies in the sector would also be discussed with the aim of activating partnerships.
The NOC chairman praised the role of the government, the CBL and the Audit Bureau in stabilizing and supporting the sector, enabling it to lift force majeure, reactivate agreements with international companies, and address all the difficulties that the NOC faced in the past years.
Stability should encourage foreign oil companies to return
He also mentioned the role of the Libyan Army and the Petroleum Facilities Guard in securing all oil fields, which contributed to the stability of production and export, considering that an encouraging factor for the return of international companies.
NOC plan helps gain support: CBL
The Governor of the CBL, Saddek El-Kaber, confirmed that the existence of a plan for the NOC that helps state institutions in providing support, and the existence of a follow-up committee for the exceptional oil budget contributed to the stability of the sector. He stressed the importance of the role of the private sector and the need to give it priority in all development programmes.
NOC plan reviewed
The forum was then presented with a review of the NOC’s plan, which was praised by most of the international companies participating in the forum, confirming their desire to partner and reactivate their activities in all of Libya with their full capacity.
Forum with Libyan private sector next May
It was also agreed to hold a forum of Libyan businessmen working in the sector next May to discuss aspects of cooperation and identify their capabilities that contribute to supporting the NOC.