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Libya

The issue of cash hoarding is persisting in Libya and confidence needs to be restored in the financial sectors, according to the IMF

Higher oil output supports Libya’s economic rebound

Libya’s economy is projected to rebound in 2025, supported by the expansion of oil production, the International Monetary Fund has said. The growth is likely, however, to moderate in the medium term, it said. Non-hydrocarbon growth will remain at 5 to 6 percent this year, driven by sustained government spending, the IMF predicted. The country’s […]

Car, Car Wash, Transportation

Libya to offer 22 oil exploration blocks

Libya is to offer 22 oil exploration blocks in its first bidding round in more than 17 years, the state-owned National Oil Corporation (NOC) has said. The round includes 11 onshore and 11 offshore blocks, The Libya Observer newspaper reported. The decision was confirmed during the 11th meeting of the Supreme Council of Energy and Water Affairs held last week, which is […]

Libya Mabruk oil

Production resumes at Libya’s Mabruk oilfield after a decade

Libya has resumed production at the Mabruk oilfield after a decade-long shutdown, the Tripoli-based Government of National Unity said on Wednesday. Production under Mabruk Oil Operations officially restarted on Sunday at an initial rate of 5,000 barrels per day, according to a government statement, with plans for an increase to 7,000 bpd by the end […]

The state-run National Oil Corporation office in Libya is planning its first bidding round for oil exploration in more than 17 years

Libya to launch first oil exploration bids in 17 years

Libya is planning its first bidding round for oil exploration in more than 17 years, Masoud Suleman, acting chairman of the National Oil Corporation (NOC), announced in a televised address on Monday. Libya is Africa’s second-largest oil producer and a member of the Organsation of the Petroleum Exporting Countries (Opec). Foreign investors have been wary […]

Farhat Bengdara speaks to reporters after his appointment in July 2022. Masoud Suleman, right, is now acting chairman of the LNOC

Exit of Libya’s oil chief is a sign change must come, say analysts

The embattled chairman of the Libyan National Oil Corporation resigned last week after less than three years in post. Farhat Bengdara’s departure was for health reasons, LNOC said, but industry insiders believe it indicates the time has come for structural change and redistribution of oil revenues in Libya. Bengdara had several disagreements with Abdul Hamid […]

Opec secretary general Haitham Al Ghais and Libya's acting oil and gas minister Khalifa Abdulsadek met at the Libya Energy & Economy Summit in Tripoli on January 18

Libya needs $4bn to increase oil output says minister

Libya needs between $3 billion and $4 billion to reach an oil production rate of 1.6 million barrels per day (bpd), the acting oil and gas minister Khalifa Abdulsadek has said. A new license bidding round is expected to be approved by the cabinet before the end of January, he told Reuters. Abdulsadek said the Libyan economy heavily relies on oil, accounting for more than 95 percent of […]

Workers at the Chadar oilfield in eastern Libya

Libya begins oil and gas production at Chadar field

Zallaf Oil and Gas Exploration, Production and Refining Company, Libya’s National Oil Corporation (NOC) subsidiary, has commenced production at the Chadar oilfield. The facility is now producing approximately 7.5 million cubic feet of associated gas and 1,500 barrels per day (bpd) of crude. The production rates were reached on the first day, NOC said in […]

A bank in Misrata, Libya. In July, Libya’s parliament approved an additional budget of 88bn dinars ($18.3bn)

Libya in talks to print $6.25bn new bank notes

The Central Bank of Libya has engaged British currency printer De La Rue to print 30 billion dinars ($6.25 billion) to resolve the country’s cash liquidity crisis. Governor Naji Issa met De La Rue CEO Clive Vacher on Wednesday to discuss the contract related to printing various denominations of Libyan currency, the bank said in a statement. […]

Eni had paused its operations at the Zohr gas field but plans to resume drilling in Egypt by the end of the year

Italy’s Eni will restart gas drilling in Egypt and Libya

Italian energy company Eni is reviving its exploration operations on Zohr, Egypt’s largest natural gas field, by the end of the year, its CEO confirmed on Monday. “After some time, we were not really working on Zohr, we will restart drilling by the end of the year, and we are going to drill another well […]

El Sharara Libyan National Army Commander Khalifa Haftar takes part in a meeting with U.S. Africa Command General Michael Langley (not pictured) at an unidentified location, in Libya, in this handout image released on August 27, 2024. Libyan National Army/Handout via REUTERS THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. NO RESALES. NO ARCHIVES. MANDATORY CREDIT El Sharara oilfield was shut down in August by Khalifa Haftar, commander of the Libyan National Army

Oil production in Libya returns, but full recovery is uncertain

Oil production in politically divided Libya is slowly recovering, after a tumultuous August when fields across the country were shut down. But crude exports remain disrupted, and government revenues are still dampened, amid concerns over prolonged instability. Libyan factions failed last week to resolve crises over the central bank’s powers and oil revenues. Crude output […]

A Turkish Petroleum engineer on the drilling vessel Yavuz

Turkey expands its energy search into troubled waters

Turkey is stepping up its efforts to become a major player in hydrocarbons, preparing to conduct surveys off the coast of Somalia and working on an agreement with Libya to identify deposits in the Mediterranean.  Alparslan Bayraktar, the energy minister in Ankara, announced last Friday that the seismic research vessel Oruç Reis would be dispatched […]

Berniq Airways and Airbus chiefs sign the deal

Libya’s Berniq buys Airbus jets to expand reach

Libya’s Berniq Airways has placed an order with Airbus for six A320neo aircraft to upgrade its fleet and increase its number of routes both regionally and internationally. The airline currently operates six A320s. Waseem Ezzway, chairman of Berniq Airways, said that the investment marks a new chapter for the airline as it continues to modernise […]

Libya budget

Libyan parliament passes extra $18bn budget funding

Libya’s eastern-based parliament has approved an additional budget of 88 billion dinars ($18.3 billion) to drive reconstruction and achieve economic stability. The approval was unanimous in a closed session, Reuters reported, citing spokesman Abdullah Belhaiq. In April, the Benghazi-based government of prime minister Osama Hammad secured an initial budget worth 90 billion Libyan dinars, the […]