It has been reported that Libya’s vast fossil fuel potential, alongside what are described as investment-friendly reforms, has begun to attract the interest of major global energy companies, despite ongoing political risks and security challenges in the country. According to a report from an energy consultancy, Libya’s latest licensing round includes 22 exploration blocks containing […]
It has been reported that Libya’s vast fossil fuel potential, alongside what are described as investment-friendly reforms, has begun to attract the interest of major global energy companies, despite ongoing political risks and security challenges in the country.
According to a report from an energy consultancy, Libya’s latest licensing round includes 22 exploration blocks containing an estimated 10 billion barrels of recoverable oil, in addition to around 18 billion barrels believed to be yet undiscovered.
It was noted that the new licensing round represents a pivotal turning point for Libya’s energy sector. Improved fiscal terms, simplified cost-recovery mechanisms, and clearer profit-sharing arrangements have helped draw serious interest from oil majors and national oil companies.
It was added that sustained growth in the energy sector remains contingent on addressing political instability and infrastructure challenges, particularly as the National Oil Corporation seeks to increase production by more than 40%, with the aim of reaching two million barrels per day by 2030.
It was also noted that the ongoing political split between an internationally recognized government in western Libya and a parallel authority in the oil-rich east has at times disrupted energy flows, reinforcing investor caution over the risk of escalating conflict.
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