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Wednesday, September 4, 2013
With the increase in security issues across the MENA region attracting new business into the area is getting harder and harder. In Libya the ongoing strikes and protests at various upstream and downstream facilities has left investors cold on spending their cash there. Despite these incidences, Libya is still optimistic that new business will come its way.
On the run up to the 2nd Libya Forum taking place in Tripoli in mid-September, the event’s organizers, the CWC Group conducted and interview with the head of state-run NOC Nurri Berruein. The NOC chairman laid out the companies priorities over the near and mid-term.
Number one on the list of priorities over the next year according to Berruein is the security of field operations. NOC would also like to see service companies return and the country’s oil and gas production return to normal rates.
During the civil war that ousted long time leader Muammar Qaddafi in 2011, Libya’s production dropped to basically nothing as operators shut in production. Once order was restored there was a certain amount of pessimism on the length of time it would take the country to get the taps open, Libya and the companies operating their beat all expectations and flows of Libyan crude hit the market in record time. However, over the past six or so months the country’s stability has been in flux with protests and strikes by a multitude of groups. These groups have disrupted production and exports. To meet Berruein’s goals the government will need to work to bring these groups to the table for an amicable solution.
While an amicable solution is what the government has been hoping for, the government will not rule out force, according to a statement from prime minister Ali Zidan.
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