Massive Licensing Round Signals Nation’s Dramatic Return to Global Energy Stage
In a stunning development signaling Libya’s triumphant return to the global energy arena, over 40 international companies have already submitted applications for the nation’s latest upstream licensing round. This remarkable surge of interest highlights the world’s growing appetite for Libya’s largely untapped hydrocarbon reserves.
“More than 40 companies have already applied to the bid round,” revealed Abdolkabir Alfakhry, Advisor to Libya’s Minister of Oil and Gas, during a ConocoPhillips-sponsored session at this week’s Invest in African Energy Forum in Paris. Results are expected by November, heralding what Alfakhry called “a new environment for international companies to work in Libya.”
Libya’s strategic position on the Mediterranean coastline, offering direct access to lucrative European markets, combined with its vastly underexplored offshore potential, makes it an irresistible target for energy investment. The country’s reentry into global energy markets comes after years of political turbulence.
ConocoPhillips’ Steiner Våge, President for Europe, the Middle East and Africa, confirmed the American giant’s commitment to deepening its engagement in Libya. “Libya is a place where we can work—over the last few years, we’ve significantly increased production at the Waha concession,” said Vaage. “We want to see Libya prosper. We’d also like to transfer our knowledge, and we want to work with partners that have similar objectives.”
While global capital remains fiercely competitive, Vaage emphasized that Libya, alongside Equatorial Guinea, remains a strong contender for future investment from the U.S. major. The deciding factors, he noted, come down to fundamentals: “It’s about finding the place where there are good rocks, good fluids, and you have a surface system that works in terms of predictability and capacity to execute.”
Source: worldoil.com
