Libyan oil and gas investment plans frustrated by politics

The past four years have been a period of intense frustration for National Oil Corporation (NOC) and its international partners as persistent violence and political mayhem have cut oil production to one-quarter of the 1.6m b/d maximum and made it impossible to implement exploration and development plans. NOC’s inability to make progress on a practical level has not stopped it from working up new investment schemes, which it has presented to international oil companies (IOCs) in increasing detail over the past several years.