A report published by “Energy Capital” revealed that the National Oil Corporation (NOC) is negotiating with five new international companies to attract major investments in the oil sector. This initiative aims to diversify the NOC’s partnerships and expand its investor base beyond traditional players like Total, Repsol, and Wintershall.
Through these negotiations, the NOC aims to secure funding of $17 billion in various phases to increase production, develop wells, and enhance oil projects. The ambitious goal is to raise oil production to two million barrels per day by 2027, provided that funding continues.
Furthermore, the NOC is preparing to launch 22 tenders for exploration programs during the upcoming Libya Energy & Economy Summit, scheduled to take place in Tripoli on January 18th and 19th.