Amid the chaos unleashed by the bloody battle for Tripoli, Libya’s National Oil Corporation (NOC) is determined to show it means business. On 20th May NOC held a technical workshop to finally get the long-stalled 50,000 b/d North Hamada development off the ground.
Originally set to be a key addition to the country’s neglected and sanctions-hit oil sector, like many other projects, its fate has been tied to the precarious political situation. When the Ghadames basin Area 47 acreage was awarded in 2005 to Canada’s Verenex and Indonesia’s Medco as equal partners (MEES, 7 February 2005), Libya was coming in from the cold following decades of international isolation. (CONTINUED - 980 WORDS)