Libyan Minister of Oil and Gas H.E. Dr. Mohamed Oun has appealed to International Oil Companies, specifically U.S. firms, to resume operations in the country, with a view to augmenting oil output.
American operators including ConoccoPhillips, Marathon Oil and Occidental Petroelum previously held interests in Libya’s oil-rich acreage, but have relinquished their stakes due to longstanding civil conflict. As part of efforts to attract U.S. energy companies to the market, Libyan Prime Minister H.E. Abdulhamid M. A. Dabiba recently appointed a special envoy to the U.S.
“I would like to personally encourage foreign companies, especially those from the U.S., to come back. We require a lot of work to upgrade and maintain our facilities,” said H.E. Minister Oun during the 15th Sustainable Energy Conference in Ravenna, Italy.
The Libyan Government is seeking to develop untapped on- and offshore oil reserves, which are estimated to be the largest in Africa at 48.4 billion barrels, to catalyze economic growth and boost export revenues. An active investment drive is currently underway to inject foreign capital, technology and expertise into exploration and production, refining, oilfield services and infrastructure sectors.