NOC - National Oil Corporation

10/05/2019 | Press release | Distributed by Public on 10/05/2019 09:09

NOC delegation attends Gas Exporting Countries Forum ministerial meeting in Moscow

A senior delegation from National Oil Corporation (NOC) attended the Ministerial Meeting of Gas Exporting Countries Forum (GECF) in Moscow this week, and explored commercial opportunities with international energy partners on the sidelines of Russian Energy Week.

After meeting GECF Secretary General Yury Sentyrin, NOC Chairman Eng. Mustafa Sanalla said: 'Libya's role as a natural gas producer is important. In a relatively short space of time, investment and security permitting, we can increase natural gas production in Libya by around 50% from around 3,000 million standard cubic feet per day. And we can save more than 1.5 billion USD annually by using gas as primary fuel for power generation instead of liquid fuel.'

In a meeting with Tatneft General Director Mr. Nail Maganov, the NOC delegation, which also included NOC Board Member for Exploration and Production Abulgasem Shengeer, welcomed the progress of the seismic surveys being conducted by Tatneft in the Hamada area of the Ghadames basin. Tatneft expressed its readiness to return to Libya in the coming weeks to complete the remainder of the contracted work. The company signed four exploration and production sharing agreements in Ghadames and Sirte between 2005 and 2007.

Mr Maganov also signalled Tatneft's willingness to increase investment in the development of discovered and undeveloped oil fields, they indicated that they have the technology to develop complex fields like heavy oil fields, and tight reservoirs. The parties are exploring memorandums of understanding for Tatneft to carry out reservoir studies and provide development proposals for these fields.

The NOC delegation also held informal talks with Gazprom, agreeing to hold technical discussions at the end of October, with the aim of Gazprom resuming commercial activities in Libya.

5 October 2019

Moscow