Libya’s National Oil Corporation (NOC) has signed a Memorandum of Understanding (MoU) with Norwegian energy company, Equinor.

Currently the largest energy supplier to Europe, Equinor is commissioned under the MoU to work with the NOC to study and evaluate the oil and gas potential in Libya’s offshore regions. It is understood that the MoU also provides for Equinor to train up junior personnel in Libya’s oil and gas companies.

Libya’s energy sector is currently in a period of intensified activity, and the MoU between the NOC and Equinor is related.

Following the NOC’s strategic plan published at the start of the year – which set targets for increases in hydrocarbon production – state-owned energy companies in Libya have been working to increase or re-establish production lines in both oil and gas. The study with Equinor forms part of Libya’s broader plans to deliver on its hydrocarbon potential, identifying and establishing new production grounds to increase overall output.

The partnership with Equinor will also be valuable for Libya from a strategic perspective.

As Europe’s largest energy supplier, Equinor may be a strong model case for Libya to study, as the country considers its own potential to become a major energy market for Europe in the years ahead.

Our team at Eltumi & Co specialise in energy and infrastructure projects. We track developments in these sectors in order to provide commercial legal support to businesses operating in the sector. Follow our LinkedIn page for ongoing updates and insight.