TRIPOLI, Libya, January 4, 2024/ — Libya is making significant strides towards unlocking the full potential of its oil and gas industry, working closely with international energy companies and partners to drive new investment across the energy value chain. As the country kickstarts a new era of industry success and prosperity, the African Energy Chamber (AEC) – representing the voice of the African energy sector – is proud to endorse Libya’s premier energy event: the Libya Energy & Economic Summit, scheduled for January 13 – 14, 2024, in Tripoli.
Organized by Energy Capital & Power (ECP) in collaboration with the Office of the Prime Minister; the Ministry of Oil & Gas; the National Oil Corporation (NOC) of Libya; and the Renewable Energy Authority of Libya, the summit connects key policymakers, industry leaders, and stakeholders from both the Libyan energy sector and broader global economy to discuss creating a new Libya, one that is built on energy.
While numerous African countries are striving to revitalize activities across the energy value chain for market resilience, Libya stands out as a frontrunner. The country is strategically focusing on revamping operations and infrastructure throughout the oil and gas upstream, midstream, and downstream sectors, with ambitions to increase oil production from 1.3 million barrels per day (bpd) to 2 million bpd within the next two to five years. Initiatives such as introducing a licensing round in 2024 to boost local upstream participation underscores Libya’s commitment to growing its energy sector. Key projects, partnerships, and collaborations with international firms, including drilling contracts, refinery projects, and offshore evaluations also highlight Libya’s proactive approach to energy development.
In 2023, Libya’s National Drilling Company, a subsidiary of the NOC, selected US-based SLB to drill three new wells in the Nesr and Al Waha fields. In March 2023, the NOC also awarded a contract to US firm Honeywell-UOP to construct a 30,000-bpd refinery. In October, the NOC signed an agreement with Equinor to study the country’s offshore potential with the aim to open up new wells and production sites. Firms like TotalEnergies, OMV, Sonatrach, bp, and Eni also resumed operations in various Libyan fields, overcoming disruptions from previous force majeure declarations. Repsol also plans to begin exploratory drilling in the Murzuq Basin in early-April 2024.
On the back of 2023 success, the Libya Energy & Economic Summit represents the ideal platform to foster collaborations, drive investments and propel the growth of the country’s energy sector while driving sustainable development across the wider African continent. In addition to traditional forms of energy, Libya is also positioning itself as a leading player in decarbonization, with the country prioritizing expanding its clean energy portfolio through the development of natural gas, renewable energy projects and related low-emissions technologies. In November 2023, Italian engineering and construction services firm, Rosetti, was awarded a $300-million contract to carry out Engineering, Procurement and Construction services for a large-scale gas production project offshore Libya while several exploration activities are underway.
As the country targets to produce 30% of total energy from renewables by 2030 – in line with the government’s Strategic Plan for Renewable Energy 2013–2025 – ongoing projects showcase the country’s strides in clean energy. These include the Bani Walid Solar PV Park, the Tajura Solar Project and the Sadada solar PV park.
“Amidst the various challenges facing the global energy industry, Libya’s oil, gas, and renewables outlook continues to be strong. Political stability, the country’s massive untapped energy potential, and favorable fiscal terms are some of the factors driving the market’s growth. We believe, as demand for oil and gas expands, Libya has a prominent role to play in helping Africa and the global market meet demand. The Libya Energy & Economic Summit presents a perfect atmosphere for more deals to be signed and we are proud to endorse this important event,” states NJ Ayuk, Executive Chairman of the AEC.
As a leading advocate for advancing the African energy industry, the AEC acknowledges the strategic significance of the Libya Energy & Economic Summit. The summit, encompassing high-level panel discussions, project showcases, exhibitions, and exclusive networking sessions, serves as a unique platform for deals, knowledge exchange and partnerships.
