Libya’s vast fossil fuel potential and “investor-friendly reforms” are attracting global energy firms despite the inherent political risks, a boost for the oil-rich African nation.
The latest bid round from the country offers 22 blocks with an estimated 10 billion barrels of available resources and 18 billion barrels yet to be discovered, according to a new report from industry consultancy Enverus Intelligence Research.
“Libya’s new licensing round marks a pivotal moment for the country’s energy sector,” Tom Richards, senior regional manager at Enverus, said in Tuesday’s report. “Enhanced fiscal terms, simplified cost recovery and clearer profit sharing are already attracting serious interest from supermajors and national oil companies.”
Still, political instability and infrastructure challenges must be addressed to sustain growth, and if state-controlled National Oil Corporation is to increase production by more than 40 percent to meet its 2030 target of 2 million barrels per day, the report cautioned.
The nation is split between an internationally recognized government in the west and a rival administration backed by military strongman Khalifa Haftar in its oil-rich east. Sporadic feuds have disrupted energy flows and threatened to spiral into outright war, leaving many investors wary.
Libya, a member of the Organization of the Petroleum Exporting Countries, is trying to bring back oil majors that left following the 2011 fall of longtime dictator Moammar Qaddafi, as the country has struggled to quell unrest ever since.
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