https://en.sputniknews.africa/20230814/libya-gives-domestic-private-companies-green-light-to-invest-in-oil-sector-1061310725.html
Libya Gives Domestic Private Companies Green Light to Invest in Oil Sector
Libya Gives Domestic Private Companies Green Light to Invest in Oil Sector
Sputnik Africa
In July, Libya's Ministry of Oil and Gas announced that oil production at the country's two largest fields – El Feel and Sharara – had been resumed after they... 14.08.2023, Sputnik Africa
2023-08-14T15:33+0200
2023-08-14T15:33+0200
2023-08-14T15:33+0200
libya
oil
north africa
economic growth
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The National Oil Corporation's (NOC) Board of Directors invited private Libyan companies to invest in the oil production industry as part of the strategy of "increasing oil production and developing small oil fields," according to the statement cited by media.NOC said that it is the first time in the Libya's history given domestic private companies the opportunity to invest in this field, according to the media.A tender will be opened to receive investment proposals, and after the technical evaluation of the bids, they will be sent to the NOC for approval, the corporation said via the press.Crude oil is the main revenue source for Libya, which has been torn by more than a decade of on again-off again conflict, involving foreign powers and a myriad of militias, since a NATO-backed revolt toppled the longtime Libyan leader, Muammar Gaddafi in 2011.At present, there are two rival governments in Libya that reject any recognition of the other. The GNU – supported by the UN and headed by Abdul Hamid Dbeibeh that operates out of Tripoli. The second – empowered by the House of Representatives – is based in Sirte and temporarily led by Osama Hamada after the removal of Fathi Bashagha.In July, production at El Feel, Sharara and 108 other oilfields was shut down amid the Al-Zawi tribe's protests against the abduction of a former finance minister, Faraj Bumatari.Following the closure, the country's oil ministry reported that work has resumed at the Sharara field, which is managed by Akakus Oil Operations, and the El Feel field, which is managed by the Mellitah oil and gas company.
https://en.sputniknews.africa/20230716/libya-announces-resumption-of-oil-production-at-two-major-fields-oil-ministry-1060561526.html
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libya, oil, north africa, economic growth, investment
libya, oil, north africa, economic growth, investment
Libya Gives Domestic Private Companies Green Light to Invest in Oil Sector
In July, Libya's Ministry of Oil and Gas announced that oil production at the country's two largest fields – El Feel and Sharara – had been resumed after they were temporally blocked by protesters.
The National Oil Corporation's (NOC) Board of Directors invited private Libyan companies to invest in the oil production industry as part of the strategy of "increasing oil production and developing small oil fields," according to the statement cited by media.
NOC said that it is the first time in the Libya's history given domestic private companies the opportunity to invest in this field, according to the media.
A tender will be opened to receive investment proposals, and after the technical evaluation of the bids, they will be sent to the NOC for approval, the corporation said via the press.
Crude oil is the main revenue source for Libya, which has been torn by more than a decade of on again-off again conflict, involving foreign powers and a myriad of militias, since a NATO-backed revolt toppled the longtime Libyan leader,
Muammar Gaddafi in 2011.
At present, there are two rival governments in Libya that reject any recognition of the other. The GNU – supported by the UN and headed by Abdul Hamid Dbeibeh that operates out of
Tripoli. The second – empowered by the House of Representatives – is based in Sirte and temporarily led by Osama Hamada after the removal of Fathi Bashagha.
In July, production at El Feel, Sharara and 108 other oilfields was shut down amid the Al-Zawi tribe's protests against the abduction of a former finance minister, Faraj Bumatari.
Following the closure, the country's oil ministry reported that work has resumed at the Sharara field, which is managed by Akakus
Oil Operations, and the El Feel field, which is managed by the Mellitah oil and gas company.
"Their [closure] is dangerous for the Libyan oil market, since the loss of confidence in the continuity of Libyan oil supplies to the world market will lead to the fact that oil from Libya will not be sold, or demand for it will decrease," the ministry said on social media.
