The Libyan Investment Authority (LIA) announced today that it has signed a strategic agreement with BP to enhance the partnership.
The signing took place at BP’s headquarters in Cairo yesterday, in the presence of the Chairman of the Board of Directors and CEO, Ali Mahmoud Hassan, members of the Board of Directors, and several officials and experts from both sides.
The LIA said the agreement aims to enhance cooperation and partnership between the two parties to confirm the progress of the exploratory project in the Ghadames Basin and the Gulf of Sirte for blocks A, B & C, in partnership with Eni and the National Oil Corporation. It said that this project is considered one of the largest exploratory projects in Libya due to the exploration it includes on land and at sea.
The LIA reported that the two parties expressed their optimism about the success of the partnership and their confidence in overcoming the challenges. They also discussed searching for new projects in the field of oil and gas to contribute to increasing Libyan production, as well as alternative energy projects to support the energy sector in Libya and reduce emissions.