Home North Africa Libya Libya: Major Oil Companies Spark New Hope with Exploration of Ghadames Basin

Libya: Major Oil Companies Spark New Hope with Exploration of Ghadames Basin

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Tripoli, Libya – (African Boulevard News) – National Oil Corporation (NOC) of Libya has been in discussions with three industry giants to explore oil and gas fields in the Ghadames Basin. One of the companies, Abu Dhabi National Oil Company (ADNOC), has been granted the rights to explore and extract oil and gas in the Ghadames Basin, which is located in the southwestern part of the country.

ADNOC has a long history of working in North Africa and has been actively involved in the oil and gas industry for over 40 years. The company brings with it a wealth of experience and expertise in the exploration and management of oil and gas fields. This acquisition is expected to boost Libya’s oil and gas industry and increase the country’s overall revenue.

Speaking about the development, NOC Chairman Mustafa Sanalla said, “We are excited to have ADNOC on board for the exploration and production of oil and gas in the Ghadames Basin. This partnership will bring new opportunities for Libya’s oil and gas industry and will further strengthen our country’s relationships with the United Arab Emirates.”

The Ghadames Basin is believed to have significant oil and gas resources, and the exploration of these fields is expected to create thousands of jobs and attract further investment into the country. The agreement with ADNOC is just one of many initiatives that NOC is pursuing to revitalize Libya’s oil and gas industry.

The partnership with ADNOC is part of NOC’s ongoing effort to attract foreign investment and expertise to help develop and expand the country’s oil and gas sector. The company has been in talks with several other international players, and more agreements are expected to follow.

In conclusion, the partnership between NOC and ADNOC is a significant development for Libya’s oil and gas industry. It underscores the country’s commitment to reviving and promoting its energy sector and is expected to attract further foreign investment and expertise. With several other big players also interested in the Ghadames Basin, the future of Libya’s oil and gas industry looks bright.

“The agreement with ADNOC is the latest effort by NOC to revitalize Libya’s oil and gas industry that will create new opportunities for jobs and further strengthen our country’s relationship with the United Arab Emirates,” concluded Mustafa Sanalla, Chairman of National Oil Corporation.

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The African Boulevard Africain Editorial Team brings you Libya news and breaking news headlines in Politics, Economy, Business, Investment and Entertainment. We are unbiased, moved only by the quest for truth.


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