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Libya urges foreign oil and gas partners to resume exploration and production

The National Oil Corporation (NOC) of Libya building, in the capital Tripoli on July 16, 2018 [MAHMUD TURKIA/AFP/Getty Images]
The National Oil Corporation (NOC) of Libya building, in the capital Tripoli on July 16, 2018 [MAHMUD TURKIA/AFP/Getty Images]

Libya's state energy firm urged its foreign oil and gas partners to resume exploration and production, assuring them security had begun to improve dramatically after clashes earlier this year, AFP reports.

According to the report, rival administrations in east and west have vied for power since March, in a standoff that has hampered Libya's efforts to sharply ramp up output in response to a surge in European demand for non-Russian oil and gas."The National Oil Corporation calls (on) the international oil and gas companies with whom it has signed oil and gas exploration and production agreements to lift the force majeure declared by them," the firm said in a statement.

NOC said its appeal followed a "realistic and logical analysis of the security situation, which has begun to improve dramatically."

Libya aims to raise its oil output from around 1.2 million barrels per day currently, to 2.0 million bpd by 2027, NOC Chairman, Farhat Bengdara, said last week.

READ: Libya can provide Europe with oil, gas

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