In a meeting today with the head of the National Oil Corporation (NOC), Farhat Bengdara, Tripoli based Libyan prime minister, Abd Alhamid Aldabaiba, stresses the necessity of continuing the procedures for developing the controversial NC7 Hamada field.
The contract to develop the field with a foreign consortium was stopped by the Attorney General’s Office based on a report from the Minister of Oil and Gas. Investigations in the contract are continuing.
He said this should be done after addressing any technical or legal observations, according to what was agreed upon at the 10th meeting of the Supreme Council for Energy Affairs and ensuring the transparency and safety of the procedures.
Need to invest to increase production
During the meeting, Aldabaiba stressed the necessity of investing in the field of oil and gas with the aim of raising productivity, benefiting from the reserve through exploration and development, and continuing to evaluate priority and economic feasibility while increasing disclosure and transparency in all oil projects.
Create global partnerships, need foreign investors
Bengdara, in turn, stressed that the NOC has been working to activate development and exploration projects that have been stalled for years without justification, and to create global partnerships with the aim of increasing oil and gas production. He explained that the sector’s projects require large financial flows and need foreign investors to ensure their implementation according to the approved timetables.
Observations on deal to be adhered to
Aldabaiba stressed the need to adhere to all observations received from regulatory authorities regarding strategic projects, continue implementing investment projects, benefit from all global experiences, and create partnerships with local national companies to raise their efficiency.