Nabors Industries Ltd. NBR recently announced the addition of a third drilling rig to the Waha oil field in Libya’s Sirte Basin. The company also mentioned that the new rig will commence operations in the coming weeks and complement the other two existing rigs. This expansion aligns with Libya’s ambitions to bolster its oil production capacity and attract global investments in its energy sector.
Strengthening U.S.-Libya Energy Ties
The announcement was made by Nabors Industries, currently carrying a Zacks Rank #4 (Sell),at the U.S.-Libya Roundtable where the countries met to advance collaboration between Libya and the United States in the energy sector. In the roundtable meeting, the executive director of the U.S.-Libya Business Association highlighted the importance of the United States’ support for Libya and the importance of Libya to drive energy growth globally.
The associated officials also encouraged the U.S. companies to enter and operate in Libya, which strengthened their ties and relations. They also opened a U.S. embassy in Tripoli, which is currently operating from Tunis, resulting in economic growth in Libya.
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Future Investments and Global Collaboration
Some major oil companies, like ConocoPhillips COP, have been operating in Libya for decades in collaboration with TotalEnergies and possess some noteworthy energy projects in the country. During the U.S.-Libya Roundtable, COP shared some important insights on its ongoing discussions with Libya’s National Oil Corporation to extend the contracts signed till 2046 and enhance profit margins from 6.5% to 13%.
The roundtable also recorded the participation of Schlumberger Limited SLB,a globaltechnology company. SLB has committed to supporting Libya’s ambitious goal of achieving 2 million barrels of daily oil output by 2027, which reflects a broader trend where global entities are recognizing Libya’s potential as a keystone of energy development.
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