OIL & GAS

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.

Libya is increasing its engagement with foreign partners and becoming more proactive in its efforts to raise oil output in line with the National Oil Corporation's strategic vision.

Libya's oil and gas production has seen a gradual increase in recent months, reaching 1.24 million barrels per day (bpd) as of April 2024. However, the infrastructure remains vulnerable to various threats.