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. Need to invest to increase productionDuring 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 investorsBengdara, 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.

Source: Libya Today January 16, 2024 20:09 UTC