North Africa's hydrocarbon-rich nation Libya is intensifying its efforts to revitalize its energy sector, which accounts for over 90% of the country's state revenue.
The move comes as the nation seeks to encourage investments following years of turmoil and conflict. As part of these efforts, the Libyan National Oil Corporation (NOC) plans to launch an international licensing round for 22 onshore and offshore exploration blocks in 2025. This initiative aims to draw significant global interest and signal a new development phase for Libya’s energy industry.
Major international energy companies, including Repsol, Eni, Sonatrach, bp, OMV, and TotalEnergies, have resumed operations in the country after a decade-long hiatus, marking renewed optimism in Libya’s energy potential.
- 2 million barrels per day production target
Despite ongoing internal turmoil, Libya's oil and gas production exceeded a decade-high of 1.6 million barrels per day (bpd), just behind its long-term goal to reach 2 million bpd.
This revival is anticipated to bolster Libya’s economy and strengthen its role in global energy markets.
A member of the Organization of the Petroleum Exporting Countries (OPEC) OPEC member, Libya ranks among the top 10 countries globally in proven oil reserves, with an estimated 48.4 billion barrels, according to OPEC data. The country’s proven natural gas reserves are calculated at approximately 1.5 trillion cubic meters.
- Promoting investments at Libya Energy and Economic Summit
The third Libya Energy and Economic Summit, set to take place in capital city Tripoli on Jan. 18-19, will serve as a platform for advancing international collaborations, including with Türkiye.
Organized by Energy Capital & Power, a platform focused on African energy investments, the event is expected to showcase Libya’s vast investment opportunities and reinforce its vision in the energy sector.
By Sibel Morrow and Firdevs Yuksel
Anadolu Agency
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