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Friday, June 11, 2021
On June 9, National Oil Corporation Chairman of the Board, Eng. Mustafa Sanalla, participated in the Libya Investment Forum, which was organized by the Libyan British Business Council and the Petroleum Economist, with the participation of representatives of international oil companies and service companies Law firms, and many other international bodies.
When queried, Sanalla, provided a full explanation of the latest developments in the Libyan oil and gas sector over the past years until the present.
The departments of exploration, reserve development, maintenance and projects also presented, during the forum’s activities, visual presentations on the promising hopes in Libya, and their positive impact on the national economy.
During his speech, Eng. Mustafa Sanalla explained that the Libyan oil sector has faced many setbacks in the past few years, which led to the closure of many oil and gas fields and export terminals, and a severe drop in daily production for a long period of time.
In this regard, Eng. Mustafa Sanalla said: “Our crude oil production has repeatedly decreased to 100,000 barrels per day, or 7% of our production capacity, and the prolonged closure of production and export facilities has caused excessive corrosion and damage to equipment, storage tanks and pipelines, which limited From our ability when these facilities were gradually restarted, moreover, a number of oil fields (Al-Ghani, Al-Dhahra, Mabrouk, Zella) were sabotaged and actually destroyed by the saboteurs, and these fields need budgets to rehabilitate and put them back into operation. The National Oil Corporation, its subsidiaries and partners have always been up to the challenge, we have been able to bring our production time and time again to more than 1 million barrels per day, and I take the opportunity here to pay tribute to the courage and sacrifices of our heroes and honorable oil sector workers in all fields, ports and oil sites.
The Chairman of the Board of Directors spoke about most of the challenges facing the Libyan oil sector, and also made it clear that the National Oil Corporation has plans to launch a number of projects that will contribute significantly to achieving the Corporation’s strategic goals for the advancement and development of the sector at all levels, noting that the Corporation has long plans. The range for oil production to reach rates of 2.1 million barrels per day, and 4.1 billion cubic feet per day of gas in the onshore and offshore fields.
In his speech, Eng. Sanalla also touched on the plans of the National Oil Corporation to develop the discovered gas fields to meet the increasing demand for gas and extract liquid fuels that are currently used for power generation and direct them for export, in addition to reservoir studies, field development plans and ongoing engineering studies for a number of gas discoveries on land and at sea. It includes: Hamada NC7, Atashan NC200, and the two installations A & E in Zone D (the offshore blocks), the Bouri field gas utilization project (GUP), the Mermaid gas field, and the use of gas (Al-Serir – obelisk, empty second stage).
Engineer Sanalla indicated that the National Oil Corporation is keen to benefit from renewable energies to meet part of the energy needed to operate oil facilities, by taking advantage of the great development in renewable technologies. He also referred to the NOC’s keenness to reduce carbon emissions.
Engineer Sanalla concluded his speech by saying: “Oil and gas revenues currently represent 95% of Libyan export income, and the National Oil Corporation is making great efforts to ensure that the country’s oil and gas resources are invested wisely and sustainably, and transformed into much-needed income for the development of the country and to improve the welfare of citizens Libyans. Only with this income will it be possible to rebuild, expand and modernize the damaged infrastructure.
Large projects will require massive investments with the participation and assistance of foreign investors, we understand that any successful and long-term partnership must be based on a win-win relationship, we also understand that this can only happen in an environment of security and stability, and we are very optimistic about the latest developments political and the formation of a government of national unity, and we hope that the future will be better.
Mr. Sanalla added, “Finally, the future of the oil and gas sector in Libya is undoubtedly bright and promising and provides excellent opportunities for foreign investors and service providers, and your presence here today increases our optimism.”
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