British oil and gas major bp has agreed to resume oil and gas exploration activities in Libya. In line with a 2018 agreement between the National Oil Company (NOC) of Libya, bp and Italian multinational oil and gas company Eni – whereby parties agreed to accelerate exploration in the north African country – the decision is set to usher in a new era of sectoral growth in Libya.
The decision follows a meeting held in London between Mustafa Sunallah, Chairman of the NOC, and Gordon Birrell, Executive Vice President of Production and Operations, bp. In addition to putting forth a plan to resume exploration, the parties agreed to establish a strategy to develop natural gas in Libya, with bp playing a pivotal role in expanding the country’s gas market. The development of gas, as emphasized in the meeting, will be critical, both for the country’s economic growth, as well for European markets.
Meanwhile, the NOC and bp have agreed to hold a workshop whereby technical teams of each entity will continue the discussion on developing a natural gas strategy. This way, the NOC is positioning Libya as a critical part of Europe’s energy recovery.
Libya Energy & Economic Summit 2022
The Libya Energy & Economic Summit returns to Tripoli on November 22-23, 2022. After a successful inaugural event in 2021 in partnership with the Office of the Prime Minister, Ministry of Oil and Gas, and National Oil Corporation of Libya, Energy Capital & Power expands this critical hybrid forum in its second year.