Head of the Libyan Oil Corporation: We can provide safe supplies to Europe (photos) - Energy

The head of the Libyan National Oil Corporation, Mustafa Sanalla, said that his country has an exciting potential to develop hydrocarbon resources, to supply Europe with oil and gas by sea, through pipelines, using the infrastructure that already exists, according to what was quoted by the Corporation’s Facebook page.

In his speech at the Forum “Towards the South: European Strategy for a New Geopolitical, Economic and Socio-Cultural Season in the Mediterranean” in the Italian city of Sorrento, which was held on May 12 and 13, Sanalla added that Libya can provide secure supplies of oil and gas to Europe. It can supplement or replace some of the existing supplies.

The head of the Libyan National Oil Corporation explained that some observers believe that Libya is still a very dangerous area for oil investors, but this is not exactly the case, as international oil companies, such as Italy’s Eni, France’s Total, Repsol, ConocoPhillips, Equinor and others, have invested over the past two years, It contributed more than $1 billion annually to exploit Libya’s resources.

He pointed out that other companies such as Britain’s BP, Algeria’s Sonatrach and others are resuming exploration and appraisal activities in Libya, adding: “I am happy to say that other companies are showing interest in the near future as well.”

Review field development plans

The head of the Libyan National Oil Corporation said that there is currently a review of plans to develop North Giallo 6G and NC98, a joint oil development with companies such as Total Energies, ConocoPhillips and Hess, with an estimated budget of $3.5 billion.

Libyan Oil Corporation
Sanalla’s speech at the forum “Towards the South: European Strategy for a New Geopolitical, Economic and Socio-Cultural Season in the Mediterranean” – Photo from the Libyan Oil Corporation’s Facebook page (May 14, 2022)

He explained that there are other projects ready to develop gas, such as “NC7” and “NC210 Achan” in the Ghadames Basin, with a capital estimated at more than $4 billion to deliver gas to the local and international market over the next 3-5 years.

Sanalla pointed out that he is aware that many companies believe that the current concession terms of the Libyan National Oil Corporation are unfavorable, but the Corporation and the Libyan government are helping to accelerate the pace of activities by taking the first step to work collectively, to determine the best fair contractual terms with Al Shukra in the future.

The best place to invest

The head of the Libyan National Oil Corporation stressed that Libya is the right place to invest in natural gas due to the current crisis in Europe, as its wealth is enormous, as it is a prominent global player and a major oil producer in Africa.

Libyan Oil Corporation
Sanalla’s participation in the forum “Towards the South: European Strategy for a New Geopolitical, Economic and Socio-Cultural Season in the Mediterranean” – Photo from the Libyan Oil Corporation’s Facebook page (May 14, 2022)

According to Sanalla, natural gas, like oil, is witnessing an increase in demand in the main consumption regions of Italy and Europe, as a result of the tensions in Eastern Europe and their implications for the future of energy supplies and safe passages.

It is noteworthy that Sanalla participated in the forum, in the presence of the Italian Minister of Foreign Affairs, the Algerian Minister of Energy and Mines, the CEO of the European House and the Governor of the Central Bank of Tunisia, the Ministers of Economy, Finance, Tourism, Infrastructure and Mobility from Italy, the President of the Algerian company Sonatrach.

Read also..

Subscribe to the newsletter to receive the most important energy news.

#Libyan #Oil #Corporation #provide #safe #supplies #Europe #photos #Energy


Leave a Reply

Your email address will not be published.