صحافة بلادي صحيفة إلكترونية مغاربية متجددة على مدار الساعة تعنى بشؤون المغرب الجزائر ليبيا موريتانيا تونس
Masoud Suleiman, acting head of the National Oil Corporation in Libya, announced that the country is ready to launch the first tender round for oil exploration, after a hiatus that lasted more than 17 years. This came during a televised speech on Monday, where he stressed that this step represents the beginning of a new phase to enhance investments in the energy sector in the country.
Libyan oil between opportunities and challenges
Libya is the second largest oil producer in Africa and a member of the Organization of Petroleum Exporting Countries (OPEC), but the oil sector has been severely affected by the unstable political and security conditions that the country has witnessed since the overthrow of Muammar Gaddafi’s regime in 2011. The conflict between armed factions competing for oil revenues has led to the closure of many oil fields and repeatedly disrupted production.
Last August, Libya suffered significant losses, losing more than half of its oil production, equivalent to 700,000 barrels per day, as a result of political tensions related to disputes over the Central Bank. This led to the cessation of exports in some major ports, threatening the relative stability that prevailed in the oil sector during the past four years. Although the closure lasted for more than a month, production has gradually begun to return since last October.
The return of foreign investments despite the challenges
Despite the difficulties, major oil companies have not stopped returning to the Libyan market. The Italian company Eni, the Austrian OMV, the British BP, and the Spanish Repsol have all resumed their exploratory operations in Libya during 2023, after a decade of cessation. Eni also signed a major agreement with the National Oil Corporation of Libya worth $8 billion to boost gas production.
Plans to increase production and investment in the oil sector
Last January, Libya’s acting Oil Minister, Khalifa Abdel-Sadiq, stated that Libya needs investments ranging between $3 to $4 billion to raise its production to 1.6 million barrels per day. Current production is about 1.4 million barrels per day, which is 200,000 barrels less than the levels Libya was at before the outbreak of the civil war.
Despite the challenges, Libya remains exempt from the restrictions of the OPEC Plus agreements to reduce production, which gives it a greater margin to enhance its oil production and attract foreign investments in the next stage.
Source:My press
