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
You might also like...
Iran-US talks see earnest engagement
27 February 2026
Kuwait receives bids for $400m Subiya utilities plant works
27 February 2026
A partner’s perspective on working with Sharakat
27 February 2026
Egypt’s Obelisk equity move merits attention
27 February 2026
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.
Take advantage of our introductory offers below for new subscribers and purchase your access today! If you are an existing client, please reach out to your account manager.
