An overview of key stories in Libya's energy sector, including oil production updates, infrastructure challenges and market trends for the week ending on Friday, Sep 13, 2024.
August has seen escalating crises in Libya, with a fuel blockade crippling oil production and political tensions rising amidst contested elections. The National Oil Corporation faces pressure as competing factions threaten stability, while UN efforts to mediate remain untested and uncertain.
The Central Bank of Libya faces turmoil as PM Dabaiba ousts Governor al-Kabir, deepening political rifts. The Presidential Council's unilateral actions jeopardize its neutrality, while international mediation falters.
In spite of turbulent political times for Libya and its energy sector, there are positive developments regarding the signing of new contracts and the continuation of small-scale works to gradually increase the country’s oil output.
The key news this fortnight has been the awarding of a new major offshore Engineering Procurement and Construction (EPC) contract, worth over € 400 million, to the Italian company Rosetti Marino on June 25.
The project was awarded by the Mellitah Oil and Gas Company and entails the delivery of the topside of a 6,000 tons wellhead platform to be completed in the second quarter of 2027. Of note, the same company was awarded a $300 million EPC contract in November 2023 by Italy’s oilfield services firm Saipem for another offshore project in Libya.
Despite risks of suspending activities in Libya due to its local clients’ non-payment of debts, the global oil services Schlumberger (SLB) has entered a strategic partnership with the Waha Oil Company (WOC) to enhance the technical capabilities of local energy cadres and drive up production.
An overview of key stories in Libya's energy sector, including oil production updates, infrastructure challenges and market trends for the week ending on Friday, Sep 13, 2024.
August has seen escalating crises in Libya, with a fuel blockade crippling oil production and political tensions rising amidst contested elections. The National Oil Corporation faces pressure as competing factions threaten stability, while UN efforts to mediate remain untested and uncertain.
The Central Bank of Libya faces turmoil as PM Dabaiba ousts Governor al-Kabir, deepening political rifts. The Presidential Council's unilateral actions jeopardize its neutrality, while international mediation falters.
Libya faces a precarious future after a Central Bank takeover and an oil blockade, igniting fears of potential conflict and further economic collapse. With key stakeholders divided, this article examines what happened and what's next for Libya.
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