The Indian Ministry of Petroleum and Natural Gas plans to strengthen cooperation with Libya’s energy sector. This includes resuming stalled projects by Indian companies in Libya.
This was discussed during talks between Pankaj Jain, Secretary of the Indian Ministry of Petroleum and Natural Gas, and Mohamed Khalil Issa, Deputy Minister for Political Affairs at the Libyan Ministry of Foreign Affairs.
Previously, Indian Oil Corporation Limited, ONGC Videsh Limited, and Oil India Limited had invested in exploration and production projects in Libya.
In February, India’s Oil and Natural Gas Corporation Ltd (ONGC) engaged in negotiations to restart its oil and gas operations in Libya, indicating a potential resurgence in the North African nation’s energy sector.
Sushma Rawat, the company’s Director of Exploration, confirmed the discussions, expressing optimism about collaborating with Libya’s National Oil Corporation (NOC) to rejuvenate their activities in the region.
This initiative followed a hiatus since 2011 when ONGC, along with other international companies, ceased operations due to the political turmoil that engulfed Libya. The return of Indian firms, including Oil India Limited, which was also reported to be in talks to resume drilling, marked a significant milestone in Libya’s efforts to restore and expand its oil and gas industry.
Libya’s NOC had been making concerted efforts to attract international investment back into the country’s oil and gas sector, aiming to boost production and extend its reach in global markets. The re-engagement of Indian companies, known for their extensive expertise in the energy field, was seen as pivotal in achieving these objectives.
Libya’s oil industry is a critical component of its economy, providing the bulk of national revenue. However, the industry has faced significant challenges over the past decade due to political instability and conflict following the fall of Muammar Gaddafi in 2011. Various factions have vied for control over the country’s oil resources, leading to disruptions in production and export activities.
