CANCELLATION - Oil and Gas Libya 2014 - the International Exhibition & Conference for the Regeneration of Libya's Oil , Gas and Petrochemicals Sector - 12-15 May, Tripoli
For the past six years Montgomery Libya Ltd has organised the successful annual exhibition and conference Oil & Gas Libya, however the prevailing political and economic climate in Libya is proving difficult for international business activity in the country and has caused many foreign governments to advise their nationals not to travel to Libya due to the unstable security situation. This has had a negative effect on both international and national interest in our plans for the Oil & Gas Libya 2014 exhibition and conference which means we are not confident of delivering a well supported exhibition as in previous years.
Moreover, the situation has been aggravated by the 8-month long, unresolved blockade on Eastern Libya's oil terminals. The resulting languishing rate of oil production, at around 170,000 b/d, which is down from 1.6m b/d last year, puts Libya with the lowest oil production as a ratio of reserves in the world. Concurrently, Libya faces considerable fiscal challenges.
It is in light of this that we announce with regret that Montgomery will no longer be organising the Oil & Gas Libya 2014 exhibition and conference which was scheduled for 12-15 May this year.
Under such circumstances, Montgomery, as a responsible global organiser of international exhibitions, is offering to release all exhibitors from the contracts they have made with Montgomery for the Oil & Gas Libya 2014 event and to repay all monies received to date.
Montgomery has been closely involved for the past eight years in successful events for the oil industry in Libya and firmly believes that, in the longer term, Libya will offer excellent opportunities for a trade exhibition and conference in this sector to support the regeneration of the country's oil and gas industry and its economic future. We will monitor the situation in Libya closely and when we deem it appropriate we will announce our plans for such an event and how we will deliver it to meet the best interests of both exhibitors and visitors.
We would like to offer our sincere gratitude to the Libyan Ministry of Oil and Gas for wholeheartedly supporting the event, and we look forward to resuming this synergy at a more suitable juncture.