Government managed sovereign wealth fund, the Libyan Investment Authority (LIA), and British multinational oil and gas company bp signed a strategic agreement last week to reinforce collaboration in Libya.
The agreement aims to advance cooperation for exploration initiatives in the Ghadames Basin and the Gulf of Sirte, with particular focus on Blocks A, B & C.
Exploration in these blocks is being undertaken in partnership with Italian energy major Eni and Libya’s National Oil Corporation, with exploration encompassing both onshore and offshore fields.
Beyond current exploration, discussions during the signing also centered on identifying new oil and gas projects aimed at bolstering Libya’s hydrocarbon production. The stakeholders also explored alternative energy projects to support Libya’s energy sector and mitigate emissions.
