This year’s conference coincides with reports of a highly anticipated new licensing round for onshore and offshore concessions –which would be the country’s first since 2005– and the NOC’s ambitious plan to reach 2 million barrels of oil per day (bpd) by 2030.

JUNE 06 2024

Between 24-26 September 2024, the Egyptian capital, Cairo, will host the fifth edition of the Libya Energy Week organized by The Energy Circle with the Libyan National Oil Corporation’s (NOC) full endorsement. The previous four editions of the Libya Energy Week saw substantial participation, with 1,500 attendees and over 60 sponsors, reflecting the strong interest and attractiveness of collaborating with the NOC and Libya on oil, gas, and energy development strategies.

This year’s conference coincides with reports of a highly anticipated new licensing round for onshore and offshore concessions –which would be the country’s first since 2005– and the continuation of the NOC’s ambitious plan to reach 2 million barrels of oil per day (bpd) by 2030.

Recognizing the need for investment in Libya’s energy sector, the NOC has implemented a nine-point strategic plan to increase output and has simultaneously launched programs to attract foreign investors for developing and exploiting untapped or rehabilitation-requiring fields. Such initiatives reflect the NOC’s need to overcome funding challenges in restoring infrastructure that has been neglected or damaged by over a decade of conflict in Libya.

Investor roadmap at the Libya Energy Week

The conference in Cairo has officially received a “full endorsement” from the NOC, which is expected to be the co-host for this event. The 2-day conference will host workshops and expert sessions to assist and connect foreign and local companies that want to enter or increase their presence in the Libyan market.

These sessions will include strategic discussions outlining the future of the country’s vast energy resources and opportunities for direct coordination between investors and the NOC. This direct engagement will allow for transparent consultations regarding the opportunities and risks associated with entering the Libyan market.

The recovery of Libyan oil production

Despite many challenges, Libya’s oil sector has benefited from nearly two years of relative stability in the country and wider trends in global energy markets. This marks a significant turnaround from 2014, when armed conflict and repeated oil field shutdowns caused a dramatic decline in exports and led many foreign companies to withdraw from Libya.

Since the lifting of force majeure on all oil fields and ports in mid-July 2022, production has seen a remarkable comeback, reaching 1.2 million bpd by December 2023. This has been a promising recovery, albeit still far from pre-2011 levels of 1.7 million bpd or current targets of 2 million bpd. For Libya, sustaining this resurgence will be crucial as oil exports remain the lifeblood of the country’s economy, accounting for approximately 95% of the nation’s income.

At the end of May 2024, the NOC announced the drilling, completion, rehabilitation, and maintenance of 37 exploration sites, resulting in production of over 55,000 barrels of crude oil per day and approximately 30 million cubic feet of gas.

All of this coincides with Libya’s continued exemption from mandatory and voluntary production cuts by the OPEC+ alliance, aimed at reducing supply to counter falling prices. A Reuters survey in February 2024 highlighted an increase in OPEC’s oil production during that month, driven by the “recovery of Libyan production.”

Source : Libya Desk