Polish oil and gas company (PGNiG) has confirmed that it has lifted a force majeure and will resume exploration in Libya in April.
NOC held the meeting to encourage foreign companies to lift their force majeure and resume their exploration in the oil areas. Following the announcement, the NOC has confirmed that it will provide all logistical facilities needed for PGNiG to complete its contract.
The Polish company is the latest in a spate of international oil companies to have lifted force majeures and returned to Libya, signalling a potential revival of Libya’s oil sector.
Earlier in the year, the NOC had announced new bidding rounds for energy exploration project after a gap of nearly two decades. The new bidding rounds tie into the NOC’s broader strategic plan to increase Libya’s hydrocarbon output, and in particular to increase oil production to 2 million barrels per day in the next three to five years.
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