The Chairman of the National Oil Corporation (NOC), Mustafa Sanalla, participated on Wednesday from his office at the headquarters of the NOC in Tripoli, through the closed circle, in the works of the Libya Investment Forum.

The forum was organized by the Libyan British Business Council (LBBC), the Petroleum Economist, representatives of international oil and services companies, law firms and many other international organizations.

During his speech, Sanalla explained that the Libyan oil and gas sector has faced many setbacks in the last few years due to armed conflicts and disorder.

“Our crude oil production went down repeatedly to as low as 100 thousand b/d, 7% of our regular production capacity. The prolonged shutdown of our production and export facilities caused excessive corrosion and damage to equipment, storage tanks and pipelines consequently limiting our capacity when these facilities were gradually put back online,” he said.

Sanalla also touched on the plans of the NOC to develop discovered gas fields to meet the increasing demand for gas and extract liquid fuels currently used for power generation and direct them for export.

He also indicated that the NOC is keen to benefit from renewable energies to meet part of the energy needed to operate oil facilities, by taking advantage of the great developments in renewable technologies. He also referred to the NOC’s keenness to reduce carbon emissions.