POGC has been one of the most bullish of all IOCs in Libya in attempting to re-start exploration post Revolution. But the failure of its attempts to use Libya’s nascent ‘oil field defense force’ to secure a drilling campaign, planned to kick-off in January, is causing the company to reconsider its position in Libya.
Jacek Gutowski, Vice President of the Board of Directors at POGC, told the East Mediterranean and North African Gas Forum in Rome on 28 February that both security and economic factors – with the two not unrelated – are making life extremely difficult for the company in Libya. These problems raise the chance that an ongoing company review into POGC’s overseas assets will lead it to withdraw. (CONTINUED - 992 WORDS)