In that strategy, Shell still needs some new projects to maintain output as reserves in existing oil and gas fields have rapidly fallen after years of slowing drilling activity. Under the Libya plan, discussed with state-run National Oil Corporation (NOC), Shell would explore for new oil and gas fields in several blocks in the onshore Sirte and Ghadames basins, as well as the offshore Cyrenaica basin. "Shell is preparing to return as a major player," Shell's proposal said, according to the sources and details seen by Reuters. The proposal did not give details about the value of any investment or scale of the oil, gas and solar projects. Shell left Libya in 2012, amid the turmoil that erupted after longtime autocrat Muammar Gaddafi was toppled in 2011.

Source: Libya Today November 30, 2021 14:36 UTC