OIL & GAS

Libya faces a precarious future after a Central Bank takeover and an oil blockade, igniting fears of potential conflict and further economic collapse. With key stakeholders divided, this article examines what happened and what's next for Libya.

Despite a minor blowout in July, Libya's NOC is steadily increasing oil production, reaching 1,276,344 barrels per day. With projections of 1.5 million barrels daily by mid-2025, the focus remains on reviving old wells and exploring new opportunities in resource-rich regions.

The National Oil Corporation (NOC) says a new pipeline from the North Hamada oil field will help it meet short-term development targets, as it continues working towards the ambitious goal of bringing Libyan crude production to 1.5 million bpd by 2025 and 2 million bpd by 2027.

In spite of turbulent political times for Libya and its energy sector, there are positive developments regarding the signing of new contracts and the continuation of small-scale works to gradually increase the country’s oil output.

Earlier this month, Mohamed Aoun was said to be reinstated as Minister of Oil & Gas. However, he has been unable to assume his duties as the acting O&G Minister Khalifa Abdulsadek continues to occupy his seat.

Despite facing strong opposition from various Libyan entities, the National Oil Corporation (NOC) is pushing ahead with its decision to develop the NC7 gas field through an international consortium led by Italy’s energy giant ENI.

The reinstatement of Libya's Minister of Oil and Gas raises questions about transparency and governance within the country's hydrocarbons sector, especially as Libya prepares for its first major licensing round in over 25 years.

There have been a number of unconfirmed reports emerging regarding non-Western International Oil Corporations being in direct contact with Benghazi-based authorities to develop the region’s vast energy resources.