ECP to host first global energy event in Libya

The Libya Energy & Economic Summit 2021 will represent the first international energy event in Tripoli in almost a decade, as Libya seeks to revive its oil and gas industry and boost oil output on the back of more peaceful and stable conditions in the country.

The Office of the Prime Minister of Libya, Abdul Hamid Dbeibeh, has granted an official endorsement of the event that seeks to drive foreign capital, technology and expertise into the country’s energy sector, utilising sectoral revitalisation as a catalyst for broader social and economic growth.

Event organiser ECP is working closely with Libya’s Ministry of Oil and Gas, along with leading international oil companies and international service firms that have already expressed interest in the event and a commitment to Libya’s growth.

“Libya is one of the most influential oil and gas markets on the continent, with a strategic position on the Mediterranean and vast, under-explored basins estimated to hold extensive frontier potential. ECP is honored to play a role in restoring the country to global prominence in the energy sector,” says Kelly-Ann Mealia, Chairperson at ECP. “This Libyan administration has been proactive in re-establishing structure within the industry, re-building regional and global ties, and re-allocating budgets to rehabilitate existing energy infrastructure. ECP supports Libya on its transformative path to becoming an integrated, sustainable energy powerhouse.”

In a bid to drive foreign direct investment and foster regional energy diplomacy, ECP invites regional and European ministers of petroleum and energy, and delegations; along with leading intergovernmental organizations, including OPEC.

Libya has long-been one of the reigning oil producers within the MENA region. Following the swearing-in of the new administration last March, the country has enacted a series of reforms aimed at streamlining sectoral activities and achieving phased production increases. Home to the largest proven oil reserves on the African continent, Libya’s National Oil Company has set a production target of 1.45 million barrels per day (bpd) by the end of 2021; 1.6 million bpd by 2023; and 2.1 million bpd by 2025.

Notably, the government has re-established its Ministry of Oil and Gas and appointed Libya’s former OPEC representative, Mohamed Aoun, as the new minister, a position which had been vacant since 2012. The formation of the ministry paves the way for long-awaited regulatory reforms, in which streamlined, oil- and gas-specific legislation will invite increased foreign investment and collaboration.