Libya wants to bring back Western oil companies quickly to develop its own oil sector
#Energy #Gas #Investment #Oil #LIBYA
Agence Ecofin
Monday 20 September 2021 Last update on Monday, September 20, 2021 At 11:21 AM

While a government of national unity has been installed and efforts are underway for reconciliation, Libya is still struggling to attract foreign investors to the oil sector.

Libyan Oil and Gas Minister Mohamed Oun said on September 14 that Libya is encouraging the return of Western oil companies. Many of the latter had packed up because of the political instability that had reigned since the fall of Muammar Gaddafi.

To this end, Oun had discussions with the American ambassador, Richard Norland with, as a backdrop, the activation of the bilateral trade and investment agreement signed in 2010. The day before, he declared to have interviewed with the new UK Ambassador to Libya Caroline Hurndall. They discussed joint cooperation in the field of oil and gas, details of which are not yet known.

The Libyan minister underlined the importance of the contribution of Western oil companies, especially American and British, to the development of the Libyan oil sector. They have proven experience in the petroleum sector, but also in renewable energies and hydrogen, which can benefit the revival of the country’s energy sector.

Interesting foreign companies in the energy sector remains a major challenge for Libya, because it should be remembered that the country remains a fairly risky investment field for Western oil companies.

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