Libya calls for global energy cooperation amid energy transition
Libya has called for enhanced global energy cooperation to ensure energy security and advance the global energy transition according to the Moroccan government-friendly outlet North Africa Post on September 10th.
The Acting Minister of Oil and Gas, Khalifa Abdelsadiq, spoke at the Gastech 2025 Conference in Milan, emphasising the need for effective policies involving strong international partnerships are pivotal for stabilising markets.
Abdelsadiq also remarked in his speech the strategic role natural gas can play in diversifying the energy mix and supporting the shift towards cleaner energy sources.
Libya are currently experiencing a boom in their oil sector, with the state owned National Oil Corporation increasing their production levels, resulting in Sirte Oil Company hitting its highest level of daily crude oil production in 20 years.
Given Libya’s heavily reliance on their oil reserves for state revenues, their recent progress in the oil sector has facilitated significant economic growth. The Arab Monetary Fund has forecast a 14.3% growth rate for 2025, taking into account the string growth in Libya’s hydrocarbons sector.
Challenges to the global oil and gas industry include rising global demand and ongoing geopolitical tensions, and Abdelsadiq has urged the adoption of innovative financing models to boost investment and technology deployment.
Seizing on the opportunity to demonstrate economic stability, Libya have welcomed the return of major international oil corporations in a bid to revitalise their oil sector and boost state revenues further. After several years of suspension, Shell and BP announced they will reopen their offices in Tripoli before the end of 2025.
The Ministry of Oil and Gas said Libya’s participation in the forum reflects its commitment to global energy security, sustainable development and positioning itself as a reliable partner in the international energy sector.
According to the Libyan Express, Libya have been exploring a deal regarding cooperation in the oil and gas sector with Iraq, who have also welcomed international oil corporations as they seek to boost their economy and energy security.
North Africa Post, Maghrebi.org, Libyan Express
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