The Libyan National Oil Company (NOC) and the Libyan British Business Council (LBBC) have signed a statement of intent to enhance oil and gas cooperation between Libya and the UK, The Libya Herald reported.
The statement was signed by NOC Chairman Mustafa Sanalla and LBBC Chairman Sir Vincent Fean during an event hosted by LBBC.
LBBC prioritizes areas to include technical training, advanced technology, restoring production at damaged sites and mature field management with the aim of maintaining the NOC’s record of current production to over 1.2 million barrels per day (b/d).
The two had previously discussed cooperation at a meeting in Aberdeen on May 8.
“The many meetings over the last couple of days highlighted strong links that have been established between the UK’s oil production, services and education and training companies with the NOC and its operating companies. I am delighted to see some practical and constructive results from these meetings, cementing lasting partnerships – a genuine win-win,” LBBC chairman Sir Vincent Fean said.
NOC chairman Mustafa Sanalla added, “The meetings in Aberdeen, in May, and this week in Tunis, have shown that the UK is a key partner for Libya in boosting oil production. I welcome the LBBC’s efforts and look forward to further progress in building and strengthening this partnership.”
Deputy head of Libya’s Presidency Council Ahmed Maetig said that there will be real investments into Libya not dependent on the state budget.
He added that the government prioritizes the oil sector and has allocated more than 40% of the 2017/18 development budget to ensure production capacity increases.