Libya is making a strong case for oil and gas investment. The country has been bullish in its efforts to revitalize its petroleum industry, with production from all assets resuming country-wide, a strong pipeline of projects kicking off and a fresh approach to investment ushering in a new wave of exploration. Below are the top five oil and gas initiatives expected to set the tone for the next year of innovation and progress.
Libya Energy & Economic Summit
Kicking off 2024 will be the country’s premier energy event, the Libya Energy & Economic Summit (LEES) – a results-oriented platform that brings together the government and private sector to get deals and partnerships signed. Organized in official partnership with the Office of the Prime Minister and with the support of the Ministry of Oil & Gas and National Oil Corporation (NOC), the two-day summit will provide insights into the major projects to watch in 2024 and beyond.
Sirte Basin Exploration Program
Multinational integrated oil, gas and petrochemical company OMV is getting ready to resume exploration in Libya’s Sirte Basin in 2024 after a ten-year hiatus. In line with the government’s target to increase production to two million barrels per day (bpd) by 2030, the upstream program is anticipated to produce promising results. Meanwhile, Italian energy major Eni will also kick-start drilling at Area C in the Sirte Basin in 2024. The move follows the lifting of force majeure by Eni at three exploration blocks earlier this year, including two onshore blocks in the Ghadames Basin.
2024 Licensing Rounds
Libya’s NOC is preparing to launch an international oil and gas licensing round next year – the first in nearly twenty years. The round falls under efforts by the NOC to incentivize further exploration across the country, particularly in the Sirte, Muruq and Ghadames basins. Additionally, the NOC announced last August that its Board of Directors had approved the decision to invite the Libyan private sector to invest in marginal fields, in a bid to increase oil production and develop untapped marginal assets.
Structures A&E Project
In January 2023, Eni inked an $8-billion deal with Libya for the development of the Structures A&E project – a comprehensive development comprising two gas fields in Libya’s Area D. Slated to begin production in 2026, the project will unlock up to 750 million standard cubic feet of gas per day. In the lead-up to production, significant investments are expected across the supply chain, as the company prepares to commission the project.
$600-Million Oil Refinery
Libya is making strides to develop a $600-million oil refinery near the El Sharara field. Launched in October 2021, the project will have the capacity to produce up to 300,000 bpd and is expected to take three years to complete. Representing a critical development for the country – as Libya seeks to ease fuel shortages and stimulate diversified economic growth – the refinery will produce 1.3 million liters of gasoline, one million liters of diesel and 600,000 liters of jet fuel daily.
Taking place in Tripoli from January 13-14, 2024, the Libya Energy & Economic Summit takes place under the theme, A New Libya: Built on Energy. Now in its second edition, the summit represents Libya’s premier investment conference. Visit www.libyasummit.com for more information about this summit.
