Libya is planning to prioritize a $3 billion offshore expansion project to be undertaken by its biggest oil and gas firm as soon as the country’s National Oil Corporation (NOC) receives its budget next month, according to MEED.
Mellitah Oil & Gas Company, which is a joint venture between Italian multinational oil and gas firm Eni and NOC, will be leading the project.
“Contractors have been assured that making progress with this project will be a priority once the money is available,” MEED reported, citing people familiar with the plans.
The government of outgoing prime minister Abdul Hamid Dbeibeh has approved a $7.9 billion emergency package for NOC for 2022.
This comes as part of bigger plans to boost the country’s production rates to an estimated 1.4 million barrels per day before 2022 ends.