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Article: LIBYA - The NOC Operations.
- Article from:
- APS Review Oil Market Trends
- Article date:
- July 9, 2007
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NOC has a number of fields and is engaged in exploration. It is also the authority which allocates as well as awards new EPSA blocks. Its four operating units run fields taken over from IOCs, including big fields which used to be operated by US firms and accounted for the bulk of Libya's 3.3m b/d capacity in 1970. Oxy returned as a minority partner in ZOC and a US group returned to WOC as NOC's minority partner. At times in 1970 Libyan production rose to 3.7m b/d.
In mid-2006, NOC estimated investments of about $3,500m a year were required to achieve its goals - roughly double its budget for capital and operating expenditure. But it can rely on a great deal of ...