OIL & GAS

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.

Despite widespread opposition to a potential deal, this new development brings back the Eni-led consortium to the fold and could draw major political battles in the coming weeks.

As explained in this week’s Political Risk report, Libyans did not enjoy this year’s Eid al-Fitr as a result of the piling economic issues such as the liquidity crisis, inflation, and shortages. These problems are notably palpable in the south of the country, which had led an oil