The head of Libya's state oil producer told British officials and companies that his country is “open for business”, as it seeks to unify its oil and gas industry after more than a decade of conflict.
Libya is looking to increase oil production, while global energy flows are disrupted by Iran's closure of the Strait of Hormuz. Production in Libya has reached its highest level in 13 years, at about 1.3 million barrels per day.
The International Monetary Fund in April raised Libya’s growth forecast for this year by 2.5 percentage points to 6.7 per cent – one of the few upwards revisions in its regional outlook.
Libya's National Oil Corporation chairman Masoud Suleiman this week led the country’s largest delegation to London for talks with British officials and companies. "Libya is open for business and we improved our terms and conditions, [as well as] our business environment to meet international standards," he said during the visit.
Mr Suleiman met Middle East Minister Hamish Falconer at the Foreign, Commonwealth and Development Office (FCDO), where they spoke of the UK's support for Libya's first unified budget agreement in more than a decade, as well as investment opportunities for British businesses.
The British Council and FCDO are to support the training of the Libyan oil company and its subsidiaries.
Ben Rawlings, the UK's deputy ambassador to Libya, said the visit marked a "significant moment in the UK-Libya relationship, demonstrating our commitment to working with Libyan institutions to support stability and security in both Libya and the North Africa region".
The company is seeking to reduce gas flaring and methane emissions across the country and has worked with British technology company Capterio, which is to support monitoring and reduction using its satellite-based platform FlareIntel.
“By combining nationwide satellite monitoring with rich operational insight, we aim to help identify and accelerate practical gas capture opportunities that deliver both environmental and economic benefits,” Capterio chief executive Mark Davis said at a signing ceremony during the Libyan Energy Forum in London on Wednesday. The event was organised by the Libyan British Business Council.
Libya aims to increase production to 1.6 million barrels a day by the end of the year, rising to 1.8 million per day in 2027. Two million barrels per day is the three to five-year target.
The divided country agreed on a unified budget of 190 billion Libyan dinars ($29.95 billion) on April 11, its first consolidated spending plan since 2013.
