Shell reiterates investment interest in Libya’s energy sector

Libya’s National Oil Corporation (NOC) has stepped up discussions with global energy company Shell on developing a comprehensive strategy for the country’s gas sector, as both sides seek to expand cooperation and accelerate technical work under previously signed memoranda of understanding, as reported by Libya Review on July 23rd. 

NOC chairman Masoud Suleman met with Shell’s Vice President for Iraq, the UAE, and Libya to review progress on implementing the cooperation agreements and assess ongoing technical activities in the areas of exploration and oil and gas fields covered by the memoranda. A key focus of the meeting was the preparation of a long-term strategic plan for Libya’s gas industry. The NOC said it aims to benefit from Shell’s international technical expertise as a way of supporting developments across Libya’s sector, through the improving of operational efficiency, and maximizing the value of the country’s natural gas resources.  

Suleman emphasized the importance of establishing a clear timetable for the completion of technical evaluations of the targeted fields and concession areas. He added that a defined schedule would allow both sides to move more efficiently into the next stages of the cooperation agreements through measurable objectives. 

The discussions stem as a result of Libya’s ongoing efforts towards the expanding of investment in its energy sector and the goal of increased production from both oil and natural gas. Developing the country’s gas industry has become one of the NOC’s highest strategic priorities as it aims to strengthen domestic energy supplies and simultaneously increase future export opportunities. 

For its part, Shell reaffirmed its interest in returning to the Libyan market, expressing that it is committed to strengthening cooperation with the National Oil Corporation and participating in substantial projects that will support the long term development of Libya’s energy sector. The company also emphasized that it is willing to contribute advanced technology, technical expertise and international experience to projects designed at modernising Libya’s gas infrastructure. 

Libya Review, Maghrebi.org.