Libya is actively seeking foreign investment to boost its oil and gas production ahead of the anticipated 2025 licensing round. Dr. Khalifa Abdulsadek, Libya’s newly-appointed Minister of Oil & Gas, will deliver a keynote address at the African Energy Week (AEW) conference in Cape Town, where he will present Libya’s ambitious development agenda.
Libya aims to produce two million barrels of oil and four billion cubic feet of natural gas daily within the next three to five years. To achieve this, the country is investing between $17 and $18 billion in 45 greenfield and brownfield projects, alongside ongoing exploration campaigns. The recent gas discovery by Sirte Oil and the upcoming licensing round in the Murzuq, Ghadames, and Sirte basins have already attracted interest from over 30 companies.
Dr. Abdulsadek, appointed Minister in April 2024, brings over 20 years of experience in the oil and gas industry. He has served as CEO of Murzuq Oil Services and as a Member of Libya’s National Oil Corporation Board for Exploration. His leadership is expected to guide Libya’s upstream sector towards its production targets.
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To support its goals, Libya is launching a gas monetisation programme to increase production and reduce routine flaring. In 2023, the National Oil Corporation (NOC) signed an $8-billion gas production deal with Eni to develop two offshore gas fields. This project, set to supply 750 million cubic feet of gas per day, will be Libya’s first major offshore development in over 20 years and will boost gas supply to both domestic and European markets.
Libya is also collaborating with TotalEnergies and the Abu Dhabi National Oil Company on oil and gas exploration projects in the NC-7 block of the Ghadames Basin, aiming to unlock 2.7 trillion cubic feet of gas. Additionally, Libya is advancing 12 decarbonisation projects, converting flared gas into green ammonia and power for export. The country is seeking technical and financial partners for these initiatives.
According to NJ Ayuk, Executive Chairman of the African Energy Chamber, Libya’s focus on tapping untapped gas reserves and its commitment to ongoing exploration will be showcased at AEW. Minister Abdulsadek’s participation highlights Libya’s determination to engage with the international energy community and showcase its new investment landscape.
Libya’s efforts to attract global investors and develop its oil and gas resources will be a key topic at AEW: Invest in African Energy, taking place on November 4-8, 2024.
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