US-based global oil and gas technology company SLB is restructuring its Libya operations into an independent operating entity under the name LIG, reporting directly to its Middle East and North Africa (MENA) regional management.

Libya's National Oil Corporation (NOC) said last week that the decision follows discussions between the its Chairman Masoud Suleman, and SLB’s CEO Olivier Le Peuch with the goal of restoring an independent operating structure for Libya’s business, similar to the arrangement that existed prior to 2011.

NOC said the move is expected to enhance operational efficiency by allowing greater flexibility to manage projects in line with local market conditions, while supporting Libya’s plans to increase oil and gas production.

The state-owned company added that SLB's return as an independent entity sends a strong message to the international community about the Libyan oil and gas sector’s recovery and its ability to overcome challenges previously linked to 'force majeure.'

Separately, on 28 March, SLB and Sirte Oil Company completed what the company described as the first AI-powered autonomous drilling operation in Libya at the Al-Khair field.

(Writing by Majda Muhsen; Editing by Anoop Menon) (anoop.menon@lseg.com) 

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