Libya Ranks 5th Globally in Oil & Gas Reserves

Libya Ranks 5th Globally in Oil & Gas Reserves
Libya Ranks 5th Globally in Oil & Gas Reserves

Libya’s Minister of Oil and Gas, Mohamed Aoun affirmed that Libya stands as the world’s fifth-largest holder of oil and shale gas reserves, citing a 2015 study by the US Energy Agency.

During a meeting with Sven Krosby, the German Acting Ambassador to Libya, Aoun highlighted the potential for significant boosts in oil and gas production through shale gas investment. This is contingent on political and security stability to facilitate the return of companies to the region.

Aoun recounted the history of Wintershall, a German company, as one of the first to sign concession contracts in Libya, following the enactment of the 1955 Oil Law No. 25. He noted the company’s marked success in oil production in the 1970’s after major discoveries in the Sirte Basin.

Further, the Minister emphasised Libya’s diverse wealth beyond oil and gas, mentioning collaboration with the Ministry of Industry and Minerals to localize the oil materials and equipment industry, involving both local investors and international companies.

Aoun also pointed out the vast unexplored areas, both inland and at sea, with expectations of substantial oil and gas quantities in both explored and unexplored sites.

In turn, Krosby promised to convey the Minister’s remarks to his government, committing to work towards Libya’s stability, and Germany’s participation in reactivating some of Libya’s halted factories. He also mentioned Germany’s involvement in the first and second Berlin conferences concerning Libya, expressing interest in the proposed projects. Especially in the oil and gas sector, to enhance the production capacity, and supply Europe with its energy needs in the current global circumstances.

The collaboration and potential investments in Libya’s oil and gas sector reflect a growing interest in diversifying energy sources, and strengthening economic ties in the face of global energy challenges.