There have been a number of 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
For close to three weeks, southern Libyan protesters managed to block production at the country’s largest oilfield, al-Sharara, thus dropping overall crude production by 20% to 950,000 barrels per day.
The 2022 Audit Bureau report highlights the problem of smuggling subsidised fuel, costing Libya about 5 billion USD annually. Libya exchanges crude oil for fuel without proper oversight, making it challenging to track fuel purchases and smuggling.
The geopolitical ramifications of the Israeli Defence Forces’ (IDF) war on the Gaza strip following Hamas’ October 7 attack on Israel are also to be found in Libya and could impact the country’s foreign relations as well as its internal conflict dynamics.
Following Wagner leader Yevgeny Prigozhin’s death, a cloud of uncertainty was cast on the group’s operations in North Africa. However, recent events are starting to provide a glimpse into the potential ramifications that Wagner’s presence in Libya could have on the country’s oil and gas sector.
The Libyan authorities are preparing for a new round of oil and gas licences in 2024 after a hiatus of over 17 years. However, comprehensive maps for untapped gas regions have not been drawn up yet.
Libya’s National Oil Corporation (NOC) doubles down on its plans to bring additional players to develop the country’s energy sector.
