Recent months have seen significant investor interest in Libya’s substantial oil and gas reserves, with hydrocarbon-related revenues surpassing $17bn in the first 10 months of 2023. Engagement has been driven in large part by rising oil prices; growing demand for gas as Europe looks to wean itself off Russian supplies; and the return of a degree of stability to Libya, as the still-divided country begins to recover from nearly a decade of civil war.
Over the past year, there has been considerable interest from at least six multinational firms in investing in or re-establishing operations in Libya, which has included a multi-billion-dollar deal. The general optimism has been further bolstered by Libya’s declared ambition to increase oil production to 2mn barrels per day (bpd) before 2030. In order to help achieve this goal, an oil and gas licensing round is planned for 2024, the first in almost two decades. However, officials caution that output targets will require much-improved infrastructure, in particular the replacement of pipelines installed in the 1960s.
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