Libya is planning to increase its oil output to 1.6 million barrels per day next year, and 1.8 million bpd in 2027 amid redevelopment of old fields, according to the country's oil minister.
The current production of Opec member Libya is about 1.4 million bpd, Khalifa Abdulsadek told the Adipec energy conference in Abu Dhabi on Tuesday.
“We have a mission to increase output to 2 million barrels per day over the next five years,” Mr Abdulsadek said.
“Libya has a huge portfolio of brown fields. Those fields have been discovered back in late 50s, early 60s and those fields have huge remaining reserves. We are trying to redevelop those fields by employing new technologies.”
Libya has some of the cheapest, largely sweet oil in northern Africa. But much of it has remained offline since a bloody civil war erupted between rival factions after the downfall of Muammar Qaddafi in 2011.
The North African country is trying to revive its hydrocarbons sector and is inviting new companies to develop its oilfields and boost production.
“Libya's oil and gas sector is experiencing renewed interest, with 30 companies in the final stages of pre-qualification following a series of roadshows in various cities,” Mr Abdulsadek said.
“The process is expected to conclude by February 2026, with a contract signing anticipated in the second quarter of next year. This gives a strong signal that Libya is back on the stage and very much open for business.”
The country aims to develop its natural gas resources and supply to global markets, particularly through the Greenstream pipeline that runs from Western Libya to Italy, and is also exploring regional connectivity with neighbours like Egypt.
“Libya has huge reserves of gas conventional as well as unconventional of about almost 200 bcf (billion cubic feet). We do have the right connectivity to international markets and provide energy security.”
Demand for natural gas is rising globally amid green transition efforts as well as power data centres that support AI technology.
Global demand for liquefied natural gas is forecast to rise by about 60 per cent by 2040, largely driven by economic growth in Asia, emissions reductions in heavy industry and transport and the impact of artificial intelligence, according to a report by Shell in February.
More than 170 million tonnes of new LNG supply are set to be available by 2030, helping to meet stronger gas demand, especially in Asia, it added.
Libya will also hold a conference next month to have discussions between African and European energy stakeholders amid new plans to boost production, Mr Abdulsadek said.
Libya's economy is projected to rebound this year, due to an expected increase in its oil production following disruption in output last year that hit growth, the International Monetary Fund said in April.
The country's real gross domestic product grew by 2.4 per cent last year after a healthy 10.2 per cent in 2023, rebounding from a recession-riddled 2022, supported by increased oil production as well as improved security situation in the country.
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
Global state-owned investor ranking by size
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1.
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United States
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2.
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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The specs
Engine: 2.4-litre 4-cylinder
Transmission: CVT auto
Power: 181bhp
Torque: 244Nm
Price: Dh122,900
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Secret Pigeon Service: Operation Colomba, Resistance and the Struggle to Liberate Europe
Gordon Corera, Harper Collins
Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.
The specs: McLaren 600LT
Price, base: Dh914,000
Engine: 3.8-litre twin-turbo V8
Transmission: Seven-speed automatic
Power: 600hp @ 7,500rpm
Torque: 620Nm @ 5,500rpm
Fuel economy 12.2.L / 100km
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
