On Tuesday, Energy Capital & Power reported that Libya, boasting approximately 52 trillion cubic feet of natural gas reserves, is aiming to harness this potential. The country targets producing 4 billion cubic feet of gas daily within the next three to five years, supported by new exploration initiatives.
Sirte Oil Company announced a significant gas discovery southeast of the Al-Laheeb field, potentially producing about 16.8 million cubic feet per day. Libya is also advancing major gas projects to boost both domestic consumption and export capabilities, including the A&E Structures project led by Melita Oil and Gas—a joint venture between Italian oil major Eni and the National Oil Corporation, aiming to produce 750 million cubic feet per day by 2026.
As one of the world’s largest liquefied natural gas producers, accounting for 20% of global supplies, Qatar brings extensive gas industry expertise. Through leveraging Qatari expertise, Libya could adopt leading projects in efficient gas extraction, processing, and exportation, enhancing the sector’s overall capacity.
With significant investments in oil and gas technology, Qatar can provide technical support and consultancy services to the National Oil Corporation, possibly including the implementation of advanced digital tools and sophisticated monitoring systems.
Both countries are committed to diversifying their energy portfolios and reducing reliance on fossil fuels. Qatar’s national renewable energy strategy aims to generate 4 gigawatts of photovoltaic solar power, increasing the renewable share in its energy mix from 5% to 18% by 2030, with an additional 200 megawatts of diverse solar energy systems under development.
Libya, under its renewable energy strategy, aims to achieve a 10% renewable energy share in its mix by 2025 and 30% by 2030. The General Electricity Company of Libya is currently developing the Sdada photovoltaic solar power plant, which, with a capacity of 500 megawatts and up to 1.2 million solar panels, is set to become the country’s largest solar project.
With a goal of 4 gigawatts of renewable energy by 2035, Libya offers attractive opportunities and strong government support for collaboration with Qatar. The recent meeting opened doors to large-scale renewable energy initiatives, potentially facilitating enhanced cooperation with Qatar in knowledge exchange, financial support, and technology transfer, contributing to economic stability and reducing vulnerability to global oil price fluctuations.
Energy Capital Power confirmed that the Libya Energy and Economy Summit will take place in Tripoli on January 18-19, 2025. The event will bring together industry leaders, investors, and policymakers to foster dialogue, secure investments, and support the growth of Libya’s energy and infrastructure sectors.
