The return of some sort of stability in the country plus the Ukraine invasion have put renewed focus on Libya as a source of oil and gas, especially given its proximity to Europe and the large potential of its untapped resources
Key points:
> TRENDS: Libya was Opec’s seventh-largest crude oil producer in 2021. Production currently sits at about 1.2 million barrels a day (b/d), still far lower than the post-2000 peak of nearly 1.8 million b/d.
> PRE-EXECUTION CONTRACTS: Libya’s National Oil Corporation and its subsidiaries have projects worth $7.4bn lined up for award, of which nearly $5bn could be awarded in the next two years
> GEOGRAPHY: Most of Libya’s recoverable oil reserves – approximately 93 per cent of the country’s total – are in the onshore Sirte Basin in the northeast and Murzuq Basin in the southwest. Many other potential basins have remained unexplored due to political instability.
> TOP CONTRACTS IN MAIN CONTRACT PREQUALIFICATION STAGE:
Mellitah complex expansion and CO2 management: onshore development – Mellitah Oil & Gas: $700m
Flowlines and associated facilities for gas well A-61 and oil well A-62 – Mellitah Oil & Gas: $700m
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