Home to the largest recoverable reserves on the continent, Libya’s vast and underexplored basins have long-sparked the interest of major operators, offering attractive prospects in both mature and frontier acreage. While growth of the country’s fossil fuel sector has been impeded by over a decade of civil war, newfound peace and stability established in March has led the State to target a rise in oil output and drive foreign direct investment in emerging renewable development, refining infrastructure upgrades and power sector rehabilitation. 

TIMELINE: A NEW ADMINISTRATION UNITES

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10-YEAR OIL PRODUCTION 

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UNLOCKING LARGE-SCALE RENEWABLE POTENTIAL

Libya’s renewable wealth offers the potential to diversify its energy matrix and provide decentralized power solutions, yet requires a significant inflow of private investment and more supportive policies from the government in fostering competitive bidding and long-term power purchase agreements for renewable developers. 22% of electricity generation is targeted to come from renewables by 2030.

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UPGRADING MIDSTREAM & DOWNSTREAM INFRASTRUCTURE

With a strategic position on the Mediterranean, Libya is linked to several export terminals on its northern coast and boasts an extensive pipeline network, although infrastructure remains in critical need of rehabilitation.

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TIMELINE: LEADING IOCS RECOMMIT TO LIBYA

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The Libya Energy & Economic Summit 2021 will be held on 22-23 November 2021, in-person in Tripoli and on Zoom for online participants. Energy Capital & Power is honored to work with the Government of National Unity and all industry participants to produce this historic summit.

Source: Energycapitalpower

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