Libya’s first oil and gas bid round in nearly two decades is targeting foreign heavyweights including US giant ExxonMobil, with NOC hoping to lure back international investors to boost oil and gas output after years of political instability and frequent oilfield shutdowns.
With 22 onshore and offshore blocks on offer, including 19 prior discoveries with estimated in-place reserves of 1.63bn barrels of oil equivalent (boe) (MEES, 14 March), NOC hopes to “rescue the Libyan oil sector from declining levels of oil production,” it said in a statement on 7 April as acting chief Massoud Suleiman launched the latest promotional event in London. (CONTINUED – 1662 WORDS)
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