Libya’s Minister of Oil and Gas, Mohamed Aoun, will be attending the African Energy Week (AEW): Invest in African Energy conference to connect with global investors. The conference, scheduled for November 4-8 in Cape Town, will be an opportunity for Aoun to showcase onshore investment opportunities in Libya’s energy industry.
Libya is aiming to increase its oil production to two million barrels per day within the next three years, and Aoun will discuss the strategies the country has implemented to encourage investment during the AEW conference in November.
AEW: Invest in African Energy is the official platform for signing deals in African energy and is the ideal place for project operators, financiers, technology providers, and government officials to connect. For more information about this event, visit www.AECWeek.com.
Libya plans to launch an international tender in 2024 for exploration in the Sirte, Murzuq, and Ghadames basins. The country’s National Oil Corporation (NOC) is also set to launch a domestic bid round to attract local private players to invest in upstream oil and gas projects. During AEW 2024, Minister Aoun will discuss these opportunities and competitive fiscal terms.
The government has established a Strategic Programs Office to revitalize the oil and gas sector and improve transparency and coordination across the market. The NOC has also been mandated to conduct an extensive mapping of the country’s hydrocarbon reserves to attract investment.
Libya has achieved several milestones in its efforts to expand the hydrocarbon market, including discoveries, exploration resumptions, and major deals with international oil companies. Contracts have also been awarded for various projects, and Libya is working towards a just energy transition with a focus on low-emission oil and gas.
Executive Chairman of the African Energy Chamber, NJ Ayuk, believes that Libya’s ambitious approach to foreign investment and its significant oil and gas reserves position the country as a major player in regional energy security.
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