Unlocking Opportunity in Libya: A Beacon of Energy and Economic Potential

Over the past four decades, Libya’s proven oil reserves have more than doubled, establishing it as Africa’s largest holder of such reserves, constituting nearly 40% of the continent’s total. With aims to produce 2 million barrels of oil per day by 2025, Libya maintains its presence as a significant player in the global hydrocarbons market. The country has been a major exporter of oil and gas for several decades. Most of Libya’s gas is exported to Europe, which remains its largest market given the continent’s geographic proximity and historical ties.

Libya is now pushing for greater investment through partnerships across the economy. Libya’s National Oil Corporation plans to launch an oil and gas licensing round this year, the first such round in the last 17 years. Located at the crossroads of Europe, Africa and the Middle East; endowed with over 40 years of experience in the energy sector; and boasting a skilled workforce, Libya is a highly significant investment destination for international investors seeking to engage in Africa’s oil and gas market. Libya also has great potential in renewable energy, due to its location in the heart of the sun belt. One year of solar radiation on each kilometer of Libyan land produces energy equivalent to 1.5 million barrels of crude oil. Under the management of the Renewable Energy Authority of Libya, the country aims to increase the renewable energy contribution to 20% to its energy mix.

Key Statistics

  • Libya has proven crude oil reserves totaling 48,363 million barrels and proven natural gas reserves amounting to 1,505 billion m3. https://www.opec.org/opec_web/en/about_us/166.htm
  • The Gulf of Sirte in Libya hosts about 16 giant oil fields, containing approximately 89% of Libya’s proven oil reserves
  • In the second quarter of 2023, Libya ranked as the fifth largest supplier of oil to Europe, expanding its market share to nearly 8%.
  • The country aims to deploy 4 GW of combined solar and wind capacity by 2035.

Why is Libya a market for investment opportunities?

  • Unexploited Hydrocarbons Reserves
  • Untapped Renewables and Green Hydrogen Potential
  • Newfound Political Stability
  • Infrastructure Development
  • Capable and Experienced Workforce

At its core, investing in Libya transcends mere financial gain; it embodies a commitment to sustainable development and shared prosperity. By leveraging its abundant resources and fostering a culture of innovation and collaboration, Libya stands poised to chart a course towards a brighter, more prosperous future. Join us at the Libya Energy and Economic Summit as we embark on a journey of growth, opportunity, and transformation.

Africa's Largest Oil Producer

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