"Libya's Energy Renaissance: Paving the Way for Strategic Investments and Sustainable Growth"

Libya is setting the stage for a surge in foreign investment, particularly in its oil, gas, and broader energy sector. During the recent Libya Energy & Economic Summit (LEES), speakers at a finance panel shared insights on upcoming licensing rounds for both domestic and international entities. This strategic move aligns with the national goal of doubling oil production.

Mohamed Al-Hwej, Libya's Minister of Economy and Trade, articulated the nation's ambitious targets, emphasizing the potential for significant growth with foreign investment. "We have substantial oil reserves, and our aim to achieve a 3 million barrels per day production is within reach with the right investments. The new Libya is here," he remarked.

With proven crude reserves exceeding 48 billion barrels and 53 trillion cubic feet of natural gas, Libya is poised for economic revitalization through hydrocarbons, coupled with increased local participation. The country has actively pursued legislative reforms, infrastructure development, and renewable energy initiatives to attract foreign investors.

Ahmed Gaddah, Partner at Eltumi Partners, highlighted Libya's immense potential and existing local capacity. He stressed the importance of a mature legal system for the petroleum industry to ensure stability and growth.

Zakaria Alhassan Albarouni, CEO of Albaraka Insurance Company, identified regulatory, insurance, financing, and risk investment as crucial pillars for Libya's progress. "We provide coverage that allows banks to fund projects," he affirmed.

While local banking faces challenges, as mentioned by Assad Riyany, Head of Libya Business Desk at Bank ABC, resolving security restrictions and assessing risks will be instrumental in expediting progress.

Local and foreign investments are pivotal in unlocking Libya's oil and gas potential, positioning the country as a preferred supplier for markets like Europe. Václav Bartuška, Special Envoy for Energy Security from the Czech Republic, highlighted Libya's role in meeting the world's ongoing oil and gas demand.

Simultaneously, oil and gas remain integral to Libya's local economy, supporting energy access, industrialization, and long-term GDP growth. Azza Kamel Maghur, Senior Business Strategy Advisor at Murzuq Oil Services, emphasized, "The oil in Libya is the glue of our economy."

Despite its hydrocarbon focus, Libya is strategically poised for regional leadership in sustainable energy development. Abundant renewable energy potential is drawing foreign interest, aligning with the government's commitment to a low-carbon energy transition.

John Bell, Managing Director of Gulfsands, stressed the importance of decarbonization projects, highlighting that "Libya is ready for investment" in these crucial areas. The nation is on the cusp of a dual transformation, leveraging its hydrocarbon strength while steering toward a sustainable energy future.