Thursday, February 16, 2017
Company to explore partnerships with service firms at the event as it aims to reach 1.2million bbl by year-end
ORAN, Algeria -15 February 2017: Libya’s National Oil Corporation (Libya NOC) is working on restoring its oil and gas production capacity to the same level prior to the Arab Spring, and plans to discuss partnerships with oil service companies during the 7th North Africa Petroleum Exhibition & Conferences (NAPEC) to be held from 21-24 March, 2017 in Oran, Algeria.
Libya succeeded in bringing the bulk of its oil production and export capacity back on line in Fall 2016. Between September 2016 and January 2017, Libyan production climbed from 300,000 bpd to nearly 700,000 bpd, a three-year high. “We successfully increased our production level last month to more than 700,000 bpd, and we expect to increase the national oil production to reach 1,200,000 bpd by the fourth quarter of this year. With an improving security situation, we look forward to partnering with foreign oil service companies to maximise the high levels of production as well as receive funding from the government,” says spokesperson of Libya’s National Oil Corporation.
The company plans to use NAPEC 2017 as a platform to meet with oil service companies, and reestablish a strong partnership with them. “We expect to meet with service companies and discuss maintenance and upgrade projects in Libya, and we also hope to deploy new technology in our fields, refineries and petrochemical plants,” he adds.
The company also plans to use NAPEC2017 to promote investment opportunities in the country. “We expect this exhibition to be a window to showcase investment opportunities available to international oil & gas companies in the near future and to demonstrate NOC’s plans for the future,” the spokesperson notes.
The 2017 edition of NAPEC is an ideal platform to explore partnerships and meet with major national oil companies (NOCs) such as Algeria’s Sonatrach, Libya’s National Oil Corporation (NOC), Egypt’s EGAS and Tunisia’s ETAP, apart from international oil Companies (IOCs) such as Repsol, and major service companies. The event will also be attended by representatives of regional energy ministries and regulatory organisations such as Algeria’s ALNAFT.
The region’s most influential energy trade event will also discuss how developments in technology and innovation, and the evolving energy supply mix are leading international and national oil companies to rethink how they operate.
The trade exhibition at NAPEC will showcase products, services and technologies in the upstream, midstream and downstream sectors.
NAPEC will be held at the Le Meridien Oran Hotel and Convention Centre from 21-24 March 2017.