Libya gives domestic companies opportunity to invest in oil sector

By Muetaz Wannes and Gulsen Topcu

TRIPOLI (AA) - Libya has for the first time in the country's history given domestic private companies the opportunity to invest in the field of oil production, Libya’s National Oil Corporation (NOC) said Sunday.

NOC’s Board of Directors called on private Libyan companies to invest in the field as part of the strategy of "increasing oil production and developing small oil fields,” according to the statement.

A tender will be opened for the receipt of investment proposals, and after the technical evaluation of the proposals, they will be sent to the NOC for approval, NOC said.

Libyan economist Ali ez-Zilitni told Anadolu that previously, domestic private companies were involved only in drilling, transportation and other logistics fields, but with this decision they can also participate in oil production, and this is “a major transformation” for the Libyan oil sector.

He said this field will emerge from the monopoly of international energy giants with the involvement of domestic private companies in oil and gas production.

Libya was exempted from the decision of OPEC+ countries to reduce oil production.

*Writing by Merve Berker