French Oil and Gas

Libya’s $60 Billion Push To Double Oil Production

Mustafa Sanalla, chairman of Libya’s internationally recognized National Oil Corporation (NOC), held meetings with U.S. companies at the Offshore Technology Conference (OTC) in Houston this week, to discuss US$60 billion worth of procurement contracts necessary to more than double Libyan oil production by 2023.

Libya, which currently pumps around 1 million bpd in a fragile security situation, plans to have its crude oil production grow to 2.1 million bpd by 2023. Sanalla met this week with the top executives of several U.S. companies to “discuss the technology and expertise needed to achieve the corporation’s stated production target,” NOC says.

Sanalla met with Mikhail Potekhin, Caterpillar’s EMEA director, to take stock of Caterpillar’s operations in the North African OPEC producer. The managers discussed a US$150-million contract for Caterpillar’s subsidiary Solar Turbines for power generation equipment, and potential future cooperation and projects with NOC operating companies.

NOC’s chairman also met with John Wallace, chairman and chief executive officer at petroleum consulting company DeGolyer and MacNaughton, to discuss possible cooperation and study of Libyan field reservoirs, field development, reserves evaluation, and overall technical assistance to NOC’s subsidiaries.

At yet another meeting, Sanalla met with Halliburton’s President and CEO Jeff Miller to discuss Halliburton’s scheduled resumption of offshore and onshore activity in Libya and potential further closer cooperation, NOC said in a statement, without specifying when Halliburton would resume drilling in Libya.

Libya’s long-term plans are to double its oil production within four years, but its immediate output may be threatened as the security situation has materially worsened after eastern strongman General Khalifa Haftar ordered last month his Libyan National Army (LNA) to march on the capital Tripoli. The self-styled army has been clashing with troops of the UN-backed government in a renewed confrontation that could escalate and threaten to disrupt, once again, Libya’s oil production and exports.

Sanalla said at the Houston conference on Wednesday that “the Tripoli assault and ongoing hostilities are a direct threat to Libyan oil sector development and procurement.”

Source oilprice

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