British Petroleum seeks to expand investment in Libya

British Petroleum (BP) has expressed its intention to increase its investment opportunities and support the policies of the National Oil Corporation (NOC) in Libya.

The company aims to capitalise on available opportunities to develop the country’s oil and gas sector, according to a statement published on the Ministry of Oil and Gas’s Facebook page.

The announcement came during a meeting between the Minister of Oil and Gas in the Government of National Unity, Khalifa Abdul-Sadiq, and a delegation from British Petroleum.

The meeting took place as part of the minister’s side meetings accompanying the activities of the “ADIPEC” conference in the United Arab Emirates.

Discussions on BP’s Activities and Investment Opportunities

The Ministry of Oil and Gas stated that the meeting between Abdul-Sadiq and the British Petroleum delegation focused on the company’s activities in Libya and its planned drilling programs in submerged areas. They also discussed potential investment opportunities in Libya’s oil and gas sector.

The meeting was attended by several high-level executives from British Petroleum, including:

– Murray Auchincloss, CEO
– William Lynn, Deputy CEO of the Gas and Low-Emissions Energy Sector
– Ariel Flores, Vice President of Exploration and Development Sectors
– Andy McColson, Deputy CEO of Mergers and Acquisitions Sector
– Nader Zaki, Deputy CEO of the Middle East and North Africa Region

Resumption of Exploration Work in Libya

On October 26, the National Oil Corporation announced that both the Italian company Eni and British Petroleum had resumed their exploration work in Libya. This resumption comes after a halt in drilling operations in the onshore area since 2014.

The renewed interest from international oil companies, such as British Petroleum, in investing in Libya’s oil and gas sector is a positive sign for the country’s economic development.

As Libya works to stabilise its political and security situation, the support and investment from major players in the energy industry could help to revitalise the nation’s crucial oil and gas sector.