Libya’s state-owned integrated oil and gas company, the National Oil Corporation (NOC), has announced that it will collaborate with consulting firm, EY, to develop a new gas development strategy. The move comes as the NOC continues to take further steps in utilizing services of foreign consulting groups.
The collaboration will aim to increase Libya’s oil production to 2 million barrels per year within three to five years, aligning with the North African country’s national development goals.
In February 2023, the NOC announced its partnership with global management consulting firm, Kearney, to develop a new strategic plan for the oil and gas sector in Libya. Meanwhile, in January 2023, the NOC signed an agreement with oil and gas supermajor, Eni, for the development of a strategic project aimed at increasing gas production to supply the Libyan domestic market and ensure export to markets in Europe.
As a result of its increased focus on partnering with foreign consulting groups, the NOC established the Strategic Programs Office in February 2023 to undertake the implementation of its gas development strategy.
Under the strategy, the NOC has plans to implement the development of several new gas projects, which include the Atshan Gas Field Development and two offshore gas projects, which are being developed in collaboration with Eni and are set to begin production in 2026.