Libya reopens the sale of gas and oil licenses after a twenty-year hiatus
The top of Libya's state-owned oil company is set to hold an auction of oil and gas licenses next year, Argus reported.
If Libya manages to organize this event next year, it will be the first in almost two decades and will help the country reach its production target of 2 million barrels per day within the next three years. Libya's crude production fell to 1.148 million bpd in January, after averaging 1.153 million bpd in the fourth quarter last year, according to OPEC data in its latest Monthly Oil Market Report.
A report from the African Chamber of Energy last month said Libya's crude oil production capacity could reach a high of 1.8 million bpd by 2024. This is even if Libya sees political stability and the end clashes between the two governments. Libya's national unity government insists the country could produce up to 3 million bpd within two to three years.
Libya has made some progress to pave the way for increased gas production, including signing an $8 billion offshore gas deal with Eni and plans to drill by Eni and BP in the Ghadames reservoirs and Sirte, with offshore drilling planned for next year.
The head of the Libyan NOC, Ben Guadara, is convinced that the agreement with ENI is "only the first step in a long journey of ever increasing investments".
Guadara also spoke of a possible LNG liquefaction plant and pipeline to Egypt with connections to the Idku plant and Damietta terminals, according to Argus.
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The article Libya reopens the sale of gas and oil licenses after a twenty-year hiatus comes from Scenari Economici .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/la-libia-riapre-la-cessione-delle-licenze-per-gas-e-petrolio-dopo-ventanni-di-stop/ on Fri, 10 Mar 2023 09:17:03 +0000.