Libya National Oil Co. Opens London Office to Help Raise Output
Libya National Oil Co. Opens London Office to Help Raise Output
(Bloomberg) -- Libya’s state-run oil firm has opened an office in London, with the aim of boosting the OPEC nation’s production capacity.
Murzuq Oil Services Ltd. will act as the oversees arm of Libya’s National Oil Corp. and a hub for U.K. engineering, procurement and construction contractors, NOC said Monday in a statement.
NOC added that this will help expand its domestic oil production capacity to more than 2 million barrels a day and improve its business operations globally through access to engineering and consulting services.
The London-based company will also assist Libya in developing its onshore and offshore oil and gas facilities and future renewable energy projects, “focusing closely on meeting carbon reduction targets,” according to the statement.
Libya holds Africa’s largest crude reserves, but it’s struggled to pump a fraction of what it produced under former leader Moammar Qaddafi. Fighting between rival factions has put the country’s oil fields, ports and workers in the firing line, and faltering sales have starved the nation of the income needed to rebuild its ailing infrastructure.
The country currently pumps about 1.2 million barrels of crude a day. NOC wants to boost production capacity to 2.1 million barrels a day over the next few years but faces enormous logistical and political obstacles.
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