An infinite wealth of treasure lies in the Elephant field, 800km south of Tripoli, which was discovered by the Italian company Eni in 2006. The Elephant field drew a renewed focus upon MENA oil and gas, and showed that there are new possibilities waiting to be found in the face of a global oil crisis.
Booming investment within China and India has created a vast amount of pressure on MENA oil reserves, but Libya could hold the solution. There are doubts over Libyan official records regarding their oil and gas reserves; oil and gas experts insist Libya has much higher amount than they are currently prepared to say. Although Libya hopes to reach a target of three million bpd by 2013, this is impossible without foreign investment. Therefore, Libya might be a key port of call for the struggling oil and gas industry, which is set to be one of the items up for discussion at the illustrious NGO&G MENA Summit (run by GDS International) being held this week in Doha.
The heads of oil companies, and important industry players such as Farouk Al Zanki MD and Chairman of Kuwait National Petroleum Company, Randy Clark CEO of Energistics and Hamed Ibrahim Karim, GM Exploration and PICO Petroleum have united once again at the NGO&G MENA summit to discuss the volatile future of the oil and gas industry. Behind the closed doors of this union, the various difficulties faced by erratic regulatory compliance laws, and the ever-important topic of finding more efficient ways to recover oil are up for discussion. Khalid Al-Faleh, CFO of Aramco, called for oil companies to financially share the burden of the investment required to meet expected demand for oil.
Libya is a magnet for oil discovery, and offers not only better routes to Europe and America than The Gulf, but it also could become the final frontier for the entire oil and gas industry. Industry leaders hope that the collaboration at the NGO&G Mena Summit will encourage Libya to be more transparent about their natural resources, and whether the technology solutions discussed increase efficiencies in established oil fields.
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