The High Council for Energy Affairs, headed by the Prime Minister of the Government of National Unity, Abdul Hamid Dbeibah, called on the National Oil Corporation (NOC) to accelerate negotiations with foreign companies to start investing in the Ghadames basin, as well as to provide support to the municipalities afflicted by the floods in eastern Libya.

The Council held its seventh regular meeting at the Prime Minister’s Office in Tripoli, discussing the results of the NOC's negotiations with a number of international companies regarding investment in Block NC7, while NOC Chairman, Farhat Bengdara gave a presentation on the results of negotiations with international companies to invest in the plot located in the Ghadames basin, which has been identified for investment since 1979.

The government's statement said studies had revealed the presence of oil and gas reserves in Block “NC7” in the Ghadames basin, amounting to about 64 million barrels of oil and 39 million barrels of condensate, as well as a volume of 2.4 trillion cubic feet of gas. It added that the High Council for Energy had approved the NOC's initiative to reduce carbon emissions, intensify efforts, and direct all institutions to work on this initiative.

Bengdara also briefed the attendees on the efforts made by the NOC and the General Electricity Company of Libya (GECOL), as members of the Council, regarding supporting the flood-affected areas and implementing the work assigned to them.

Meanwhile, Dbeibah stressed the necessity of continuing the government’s plan to increase oil and gas production in accordance with cooperation and investment with international companies to support the national economy, and to benefit from increasing prices as well as the world’s increasing need for oil. 

Dbeibah also stressed the need to provide support to the municipalities ravaged by floods, praising the efforts of the GECOL employees to restore the network to the disaster areas.

Read Also: