Total SA to increase investment in Libya’s oil fields
With the recovery of the NOC's production, the French company expresses readiness to increase investment
In a meeting that took place virtually between the head of the National Oil Institute (NOC), Mustafa Sunallah and Total’s head of exploration and production in the Middle East and North Africa Stephane Michel, the French company expressed willingness to expand investment in Libyan Oil.
According to sources, the two parties discussed the challenges facing the oil industry in Libya as it recovers and the importance of increasing production rates and maintenance work at all locations to reinvigorate and support the national economy. Michel also stressed Total’s readiness to provide support and cooperation to increase the recovering OPEC member’s production and capacity rates.
With the progressive lift after an eight-month-long blockade by eastern forces in September, the NOC’s oil production rates have been recovering rapidly, recently reaching 1.25 million barrels per day (BPD).
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