Libya, backed by the African Energy Chamber (AEC), is poised to redefine its energy landscape, as the country gears up for the Libya Energy & Economic Summit, set for 13-14 January 2024, in Tripoli. This endorsement from the AEC, a prominent voice in Africa’s energy sector, underscores Libya’s concerted efforts to unlock its vast oil and gas potential and catalyze investment across its energy value chain.
The summit, a collaborative effort of Energy Capital & Power (ECP) with Libya’s Prime Minister’s Office, Ministry of Oil & Gas, National Oil Corporation (NOC), and the Renewable Energy Authority, serves as a strategic platform. It aims to bring together key Libyan policymakers, global industry leaders, and stakeholders to deliberate on crafting a new energy narrative for Libya.
Libya’s focus is on a holistic transformation of its energy sector, particularly the oil and gas industry. The country is working to increase oil production from 1.3 million barrels per day (bpd), to 2 million in the next two to five years. Key initiatives like the 2024 licensing round to bolster local upstream activities, highlight Libya’s commitment to enhancing its energy infrastructure and operations.
2023 marked significant progress for Libya’s energy sector. This includes initiatives like the National Drilling Company, partnering with SLB for new drilling in the Nesr and Al Waha fields, and the NOC awarding a refinery construction contract to Honeywell-UOP. Major international firms like TotalEnergies, OMV, Sonatrach, BP, Eni, and Repsol have resumed their operations in Libya, illustrating the country’s success in overcoming previous operational disruptions.
The Summit is envisioned as a catalyst for fostering partnerships, attracting investments, and driving the growth of Libya’s energy sector. This event aligns with Libya’s pursuit of sustainable development and its commitment to diversifying its energy mix, including a significant shift towards renewable energy.
Libya’s renewable energy initiatives, such as the Bani Walid Solar PV Park, and the Sadada Solar PV Park, complement its traditional energy projects, reflecting a balanced approach toward energy development. The country’s ambitious renewable energy target of producing 30% of its total energy from renewables by 2030, is a testament to its commitment to sustainable energy practices.
NJ Ayuk, Executive Chairman of the AEC, emphasizes Libya’s pivotal role in meeting the growing global demand for oil and gas. He regards the summit as an “essential platform for facilitating new deals, knowledge exchange, and forming synergistic partnerships.”
The Summit is more than just an event; it represents a significant step towards Libya’s aspiration to become a key energy player in Africa, and the global market. The summit’s focus on a blend of traditional and renewable energy sources demonstrates Libya’s strategic vision to create a sustainable and prosperous energy future. The AEC’s endorsement of this event signifies the importance of Libya’s energy sector in the broader African energy narrative, and the global energy economy.