Energy Capital & Power

Libya’s NOC Seeks to Settle Debts with Schlumberger

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Left to right: Mustafa Ajaj, General Manager of Schlumberger Libya and Mustafa Sanalla, Chairman of the Board of Directors of Libya’s NOC.

Image: Energy Voice

The Chairman of the Board of Directors of Libya’s National Oil Corporation (NOC), Mustafa Sanalla, recently met with the General Manager of Schlumberger Libya, Mustafa Ajaj, regarding the national oil company’s outstanding debt obligations.   

According to the NOC, Libya’s Prime Minister, H.E. Abdulhamid M. A. Al Dabiba, will issue an allocated budget to the national oil company; upon receiving the funds, the NOC will settle its debts with Schlumberger.  

For its part, the leading oilfield services provider commended the NOC for its financial integrity and reaffirmed its commitment to sustainable development projects in the country, including a 100-well contract recently awarded by Libya’s Arabian Gulf Oil Company and the installation of electric submersible pumps on 24 wells for Sirte Oil Company. In addition, Schlumberger is set to open a facility at Bright Star University in Brega this week.   

The Libya Energy & Economic Summit 2021 will be held on 22-23 November 2021, in-person in Tripoli and on Zoom for online participants. Energy Capital & Power is honored to work with the Government of National Unity and all industry participants to produce this historic summit.

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Grace Goodrich

Grace Goodrich

Grace Goodrich is a Publications Editor at Energy Capital & Power, where she writes about the intersection of energy, policy and global finance in sub-Saharan Africa's fastest-growing economies. Grace produces our Africa Energy Series investment reports in Angola and Equatorial Guinea (2019), as well as co-authored African Energy Chamber: Road to Recovery (2021).