Ahead of an anticipated 2025 oil and gas licensing round, Libya is looking to attract foreign investment to its onshore exploration prospects and production infrastructure. Dr. Khalifa Abdulsadek, newly-appointed Minister of Oil&Gas of Libya, will deliver a keynote address at the African Energy Week (AEW): Invest in African Energy conference in Cape Town, outlining the development agenda of one of Africa’s most historic oil producers.
Libya has set a target to produce two million barrels of oil and four billion cubic feet of natural gas per day within the next three to five years. To achieve this goal, the country is investing between $17 and $18 billion to develop 45 greenfield and brownfield projects, coupled with ongoing exploration campaigns and a recent onshore gas discovery by Sirte Oil. In addition, Libya is preparing to launch an oil and gas licensing round in the Murzuq, Ghadames and Sirte basins in early-2025 and has already attracted interest from more than 30 companies in its marginal assets alone. Appointed as Minister of Oil&Gas in April 2024, Dr. Abdulsadek contributes over 20 years of experience in the oil and gas sector and is set to guide Libya on its path to increased production, having previously served as the CEO of local service provider Murzuq Oil Services and Member of Libya’s National Oil Corporation (NOC) Board of Directors for Exploration.
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To support gas production and eliminate routine flaring, Libya is launching a robust gas monetization drive. In 2023, NOC and Italian multinational Eni signed an $8-billion gas production deal to develop two offshore gas fields – Structures A&E – with a view to producing 750 million cubic feet of gas per day. The project represents the first major offshore development in Libya in more than two decades and is set to increase gas supply to domestic and European markets when it comes online in 2026. A consortium comprising Eni, France’s TotalEnergies and Abu Dhabi National Oil Company is also developing and exploring oil and gas fields in the NC-7 block in the Ghadames Basin, targeting 2.7 trillion cubic feet of gas to boost domestic production. Finally, Libya is spearheading 12 new projects to reduce and convert flared gas to green ammonia and power for export, and is currently seeking technical and financial partners to advance decarbonization initiatives.
“As one of the most historic producers in Africa, Libya is revamping its upstream sector by targeting untapped gas supplies to take advantage of rising gas demand in nearby-Europe, coupled with ongoing exploration campaigns and a 2025 bid round that invites new participants. Minister Abdulsadek is already demonstrating a resolute commitment to showcasing a ‘New Libya’ to the international energy community through his participation at this year’s AEW conference,” states NJ Ayuk, Executive Chairman of the African Energy Chamber.
Ongoing exploration and development opportunities in the continent’s mature markets – including Libya – will be a key focus of the upcoming AEW: Invest in African Energy conference taking place on November 4-8. With the confirmation of Minister Dr. Abdulsadek, the event is expected to feature a high-level delegation of Libyan policymakers and business leaders seeking to connect with global investors and technology and service providers and unlock Libya’s investment prospects.
Distributed by APO Group on behalf of African Energy Chamber.