Libya’s National Oil Corporation (NOC) Chairman, Masoud Suleiman, revealed yesterday that he had met with representatives of Nigerian company Aiteo, one of the companies that won the public bidding round for exploration, securing Block M1 in the Murzuq Basin.
During the meeting, they discussed the company’s plans to implement a comprehensive exploration programme, including seismic surveys, drilling several wells, and developing existing discoveries within the block.
Suleiman revealed that the company affirmed its full commitment to implementing the agreed-upon work programme, noting that it has already begun the process of establishing a branch in Libya and registering with the Ministry of Economy. This is in preparation for signing a production-sharing agreement with the National Oil Corporation as soon as possible.
Suleiman said the meeting is part of ongoing efforts to monitor the progress of the public tender-bid winning companies and strengthen the exploration sector to support the Libyan economy.
