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Libya’s projects to increase oil production will receive mixed funding, a National Oil Corporation (NOC) Director told Libya Herald.
Commenting exclusively to Libya Herald, Abdel Nasser Ben Zaytoun, Director of the Exploration Department at the NOC, explained that the NOC is working on a plan to increase production to 2 million bpd, and that part of the plan was funded directly by the government with the support of the Central Bank of Libya, and part will be funded through investments in infrastructure through financial institutions such as the LIA and another part from foreign partners. He would not specify which foreign partners.
Ben Zaytoun was referring to the meeting held at the headquarters of the NOC on 27 February, which included the Exploration Department and officials of Italy’s Eni and Britain’s BP (via video link) in the presence of representatives of the Libyan Investment Authority (LIA). The meeting was to discuss exploration programmes for 2023-2028,
Eni to resume as exploration operator in three regions
Ben Zaytoun said that an agreement had been signed earlier with Eni and BP, according to which the Italian company would work as an operator to resume exploration work in three regions in Libya. These were two exploration areas in Breteen in the Ghadames Basin and a marine area (which he would not specify) in the Sirte Basin. These, he explained, had a total area of 54,000 square kilometres, and were a joint investment with the LIA.
Libya needs to invest US$ 4 billion annually to maintain production
The NOC Director of the Exploration Department referred to the spending with Eni and BP to start drilling operations in large areas of the Mediterranean region and for large quantities of gas. He reiterated that Eni will pump investments worth 8 billion dollars to develop gas fields in the west of the country.
He also reiterated NOC chairman Bengdara’s statement that Libya needs investments worth 4 billion dollars annually to maintain the volume of its oil production, with the aim of modernizing the infrastructure and developing services in the oil fields.
Overcome the difficulties and remove the obstacles
Ben Zaytoun noted that the NOC-LIA-Eni-BP meeting aimed to overcome the difficulties and remove obstacles that may be encountered during the implementation of several projects contracted with the foreign partners, while studying the financial aspects and the time period specified for the completion of these programmes.
