A number of U.S. companies have expressed interest in returning to the oil and gas sector in Libya.

The companies, led by ConocoPhillips, intend to take part in future projects offered by the NOC, and have expressed an interest in meeting with the Libyan Prime Minister in order to present their vision for a potential expansion of activity in Libya.

The news comes following a Libyan government delegation visit to the White House at the end of April, which discussed the country’s energy sector, and presented the government and the NOC’s plans to increase oil and gas production in the country, as well as way to raise levels of joint cooperation and the return of major U.S. companies to the sector.

The NOC plans to raise oil production in the country to 2 million bpd in the next two to three years. New biding rounds are expected to be launched in late 2024 and early 2025.

Libyan government officials have stressed the importance of U.S. participation in the process of raising oil production in Libya.

These latest developments are part of a growing international interest in the Libyan oil and gas sectors.

Most recently Indian oil companies have also been in discussions with Libyan government officials to restart operations in Libya.

Meanwhile, the NOC announced at the end of May that the Waha Oil Company has increased its oil production by 40,000 bpd since October 2022.

Also, at the end of May, the NOC reported that the Mellitah Oil and Gas Company was able to successfully drill a new well in the El Feel field, in record time, which has a production capacity of around 5,056 bpd.

Mellitah is a joint venture between Italian oil giant, Eni, and the NOC.

According to recent data, Libya returned to being Italy’s main supplier in the first quarter of 2024.

“These latest developments bode well for Libya’s oil and gas sectors,” noted Tarek Eltumi of Eltumi Partners. “As a firm, we are well placed to provide strategic commercial and legal advice to businesses looking to explore opportunities in Libya’s oil and gas sectors.”

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