The National Oil Corporation (NOC) announced yesterday that it is officially celebrating the issuance of the strategic decision to separate SLB’s (formerly Schlumberger) operations in Libya from the North Africa management, establishing them as an independent operating entity under the name (LIG), reporting directly to the Middle East and North Africa regional management.
The NOC said this strategic decision, which reflects a historic step that strengthens the sovereignty and resilience of the oil and gas sector, was made based on the directives and determination of the NOC.
It culminates discussions held by the NOC Chairman, Masoud Suleiman, with the CEO of SLB, with the aim of enhancing independence and restoring the independent geomarket structure for Libya’s operations, as it was before 2011. This will also improve performance efficiency by enabling the company to manage its operations with greater flexibility, aligning with the specific characteristics and requirements of the Libyan market.
The NOC also announced the return of SLB’s operations in Libya as an independent operating entity (LIG), as they were before 2011. This restructuring of the company also supports efforts to increase production and enhance its responsiveness to the Corporation’s objectives of boosting output, achieving sustainability, and solidifying competitiveness by strengthening Libya’s position as a reliable energy supplier and a mature and attractive operating environment for investment.
The NOC said it appreciates the strong performance and anticipated growth of SLB’s operations in Libya, which was a key driver of this decision. The Chairman of the NOC expressed his gratitude to Olivier Loach, CEO of SLB; Steve Gassin, Deputy CEO; and Jesus Llamas, President of SLB’s Middle East and North Africa region, for fulfilling their commitments and their dedication to strengthening the strategic partnership that spans nearly 70 years of collaboration.
The NOC said that it is worth noting that the return of Schlumberger Libya (SLB) as an independent entity represents a strong message to the international community about the sector’s recovery and its ability to overcome the challenges previously imposed by “force majeure,” which today allows for the establishment of a new phase of fruitful cooperation that serves the national interest and supports Libya’s ambitions for regional and international leadership.
