BP and Shell Sign Libya Deals as Majors Step Up Their Return.

The article discusses the recent agreements signed by British energy companies BP Plc and Shell Plc with Libya's National Oil Corporation (NOC) to explore new opportunities in the country's oil and gas sector. BP has signed a memorandum of understanding to assess the revival of the Sarir and Messla oil fields, while Shell has also confirmed a similar agreement to study potential opportunities in Libya. The focus on Libya comes as the country, which has the largest known crude reserves in Africa, seeks to attract international oil majors back after years of unrest and production volatility following the 2011 civil war. The article highlights the renewed interest from international companies in Libya's energy sector, which aims to increase oil production from current levels of approximately 1.2 to 1.3 million barrels per day to a target of 2 million barrels per day in the coming years. [Extracted from the article]