Libya’s NOC halts upgrade drilling operations due to delayed budget

News In Brief

Libya’s NOC halts upgrade drilling operations due to delayed budget

May 23, 2022 - 21:17
Written by: AbdulkaderAssad

The Libyan National Oil Corporation (NOC) has halted all upgrade and discovery drilling operations for new wells at all fields and ports due to the delayed liquidation of the approved 2022 budget.

A statement by the Chairman of the NOC, Mustafa Sanallah, said the wells’ repairing operations had to be halted along with capital and development projects so that the NOC could avoid any new financial burdens.

Sanallah added that the delayed liquidation of the approved budget of the NOC led to the accumulation of financial commitments of the NOC and its companies.