Libya NOC to boost output to pre-Arab Spring level
State-owned company to explore partnerships with service firms at event in Algeria in March as it aims to reach 1.2mn bpd by year-end
Libya's National Oil Corporation (Libya NOC) is working on restoring its oil and gas production capacity to the same level prior to the Arab Spring.
The state-owned company plans to discuss partnerships with oil service companies during the 7th North Africa Petroleum Exhibition & Conferences (NAPEC). The event is to be held from 21st to 24th March, 2017 at the Le Meridien Oran Hotel and Convention Centre in Oran, Algeria.
Libya succeeded in bringing the bulk of its oil production and export capacity back on line in the fourth quarter of 2016.
Between September 2016 and January 2017, Libyan production climbed from 300,000 bpd to nearly 700,000 bpd, a three-year high.
“We successfully increased our production level last month to more than 700,000 bpd, and we expect to increase the national oil production to reach 1.2mn bpd by the fourth quarter of this year,” a spokesperson from Libya NOC has said.
“With an improving security situation, we look forward to partnering with foreign oil service companies to maximise the high levels of production as well as receive funding from the government,” the spokesperson said.
The company plans to use NAPEC 2017 as a platform to meet with oil service companies, and reestablish a strong partnership with them, besides promoting investment opportunities in the country.
“We expect to meet with service companies and discuss maintenance and upgrade projects in Libya, and we also hope to deploy new technology in our fields, refineries and petrochemical plants,” the spokesperson added.
“We expect this exhibition to be a window to showcase investment opportunities available to international oil & gas companies in the near future and to demonstrate NOC’s plans for the future,” he said.
The organisers of NAPEC have confirmed that the 2017 edition of the event will host key North African NOCs such as Algeria’s Sonatrach, Libya’s National Oil Corporation (NOC), Egypt’s EGAS and Tunisia’s ETAP, apart from international oil Companies (IOCs) such as Repsol, and major service companies.
The event will also be attended by representatives of regional energy ministries and regulatory organisations such as Algeria’s ALNAFT.
Stakeholders at the trade event will discuss how developments in technology and innovation, and the evolving energy supply mix are leading international and national oil companies to rethink how they operate.
The trade exhibition at NAPEC will showcase products, services and technologies in the upstream, midstream and downstream sectors.