Libya seeks partnerships for energy sector growth

Libya’s Minister for Oil and Gas, Khalifa Abdul-Sadiq, has recently urged major companies to get their applications in and invest safely in Libya’s oil sector.

In a speech at the Natural Resources Summit over in Istanbul, Abdul-Sadiq called on big oil firms to transfer modern technology to Libya to bump up production rates and replace the oil and gas that’s been taken out of the reserves.

He also asked them to get cracking on increasing refining capacity with the aim of Libya being self-sufficient in fuels and petroleum products, and to put money into renewable energy to help with electricity generation. This, in turn, would free up more gas to flog off to the global market.

During a panel discussion, chaired by the Turkish Minister of Energy and attended by a number of energy and natural resources ministers, the minister discussed investment opportunities in Libya, the goals of his ministry and the National Oil Corporation (NOC) to increase production capacity and expand exploration activity to support reserves, the progress of the public bidding round launched by the NOC at the start of March, and the promotional tours held in Houston and London, the most recent of which was in Istanbul.