Meed | Libya starts work on new oil and gas strategy

Libya starts work on new oil and gas strategy

16 February 2023

Libya’s state-owned National Oil Corporation (NOC) has started to develop a new strategic plan for the country’s oil and gas sector with the US consultancy Kearney.

As part of the process, NOC has created a new strategic programmes office.

In a statement, NOC said the strategic programmes office would be responsible for implementing the new plan for the oil and gas sector.

It added that the responsibilities of the new unit will include:

Empowerment of youth in the oil and gas sector in Libya
Renewable energy projects
Reducing environmental damage in oil fields
Institutional development

NOC chairman Farhat Ben Gdara said: “We have an ambitious vision to return Libya to the ranks of the world's foremost energy-producing countries.

“This requires major changes in the oil and gas sector in Libya and the development of appropriate strategic plans to equip us for the future.”

He added: “We have previously announced the launch of our plan to raise production to 2 million barrels within three to five years, which is one of my core priorities for NOC.

“We have established the strategic programmes office to intensify efforts and ensure the implementation of these programmes and initiatives.”

According to NOC, the strategic programmes office comprises a group of local and international consultants and experts in various professional sectors.

This includes experts in law, business administration and project management, as well as in oil and gas production, development and exploration.

As part of its efforts to ramp up hydrocarbons production, earlier this year NOC announced a partnership with Italy’s Eni for the development of two regions containing expected gas reserves of 6 trillion cubic feet with an estimated production capacity of 750 million cubic feet of gas a day for 25 years.

According to a statement released by Eni, Ben Gdara and Eni's chairman Claudio Descalzi signed the deal.

The Italian oil and gas company said that the agreement would generate $7bn-$9bn of investment into the country’s oil and gas industry. It also said that it would generate up to $13bn in net revenues for the state.