Libya and China discuss oil cooperation in Libya

By Sami Zaptia.

Libya’s NOC is in China discussing possible oil investment and cooperation (Photo: NOC).

London, 26 July 2019:

A senior delegation from Libya’s  National Oil Corporation (NOC) is in China at the invitation of the country’s leading oil major China National Petroleum Corporation (CNPC) to discuss investment and enhanced cooperation opportunities in the Libyan oil and gas sector, the NOC reported yesterday.

The NOC said that its delegation, headed by chairman Mustafa Sanalla, was welcomed by CNPC’s vice president and president of PetroChina, Hou Qijun, and the chairmen of CNPC’s subsidiaries.

The NOC said Hou expressed China and CNPC’s direct interest in progressing cooperation in Libyan exploration and development, oilfield services, and trading of Libyan crude, with parties potentially cementing future relations through the signature of a memorandum of understanding (MoU) at their next meeting.

Thanking CNPC for the invitation, NOC chairman Sanalla said: “In China, NOC has met some of the highest qualified companies in our industry and shared with them opportunities for reconstruction and development investment in our local oil sector. With a more stable security environment, we could easily add between 300-400,000 barrels to daily production and grow oil revenue receipts. Our long-term strategy is to produce 2.1 million bpd by 2023. China can help us on that journey”.

“We hope that China and its leading oil sector companies will become partners to our vision for the local oil sector based on mutual opportunities through oil and gas imports, joint exploration and development, and the sharing of technical expertise,” added the chairman.

The NOC said it also visited the headquarters of CNPC International Company, the Great Wall Drilling Company (GWDC), China Petroleum Technology & Development Corporation (CPTDC), BGP, China Petroleum Engineering & Construction Corporation (CPECC) – CNPC subsidiaries previously operational in Libya. Chairman Sanalla thanked NOC’s hosts for their efforts to enhance Chinese-Libyan cooperation, encouraging them to engage with future commercial opportunities in Libya.

 

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