The Energy Intelligence website, based in New York, reported that Libya is on the brink of a significant natural gas production shortfall that could hinder its ability to meet domestic and export market commitments by next year. This emerging crisis highlights the urgent need for new foreign investments in the country.
Official documents reviewed by the American website reveal that this issue poses a serious threat to Europe’s gas supply stability. North Africa, including Libya, contributed approximately 11% of the region’s total pipeline gas imports last year.
The potential gas deficit in Libya underscores the fragile nature of Europe’s energy supply chain, particularly from North African sources, and the critical need for sustained and strategic investments in Libyan energy infrastructure to avert a crisis.
Earlier this month, Libya’s Acting Minister of Oil and Gas, Khalifa Abdulsadek, announced that the Italian company Eni has been granted rights for oil and gas development and extraction in the Hammada field.
In an Interview CNBC Arabia, the newly assigned minister said Eni will lead a consortium of companies in developing the field, pending approval from the National Oil Corporation and the Supreme Council of Energy.
Abdulsadek added that the confirmed gas reserves in the Hammadah field are estimated at around 22 trillion cubic feet, with minimal oil reserves currently. He expressed optimism that gas reserves would increase soon.
He noted that current oil production exceeds 1.2 million barrels per day, expected to reach 1.4 million by year-end and 2 million within three years. Oil represents nearly 95% of Libya’s income source.
“Plans for a public bidding round are set for the last quarter of this year, marking a significant investment opportunity in Libya’s oil sector, unprecedented in over 15 years,” he said.
The minister highlighted invitations to global companies like UAE’S ADNOC, Saudi Arabia’s ARAMCO, and Algeria’s SONATRACH, encouraging investment in Libya’s oil and gas sector.
He praised the Libyan government and army for securing fields and aiding strategic partners to continue operations in Libya.
