Page 6 - AfrOil Week 11 2023

AfrOil COMMENTARY AfrOil

(Photo: Twitter/@Bengdara_)

Libya’s big plans for 2024

NOC’s chairman announces at CERAWEEk that Tripoli expects to

be ready next year to launch its first licensing round since 2007

FARHAT Bengdara, the chairman of Libya’s with international oil companies (IOCs). “We
state-owned National Oil Corp. (NOC), has are coming for big potential. We are coming for
WHAT: made a bold prediction. Last week he declared more investment in Libya, and the deal with Eni
NOC is reportedly gearing that his country intended to hold its first oil and is just the first step in a long way for more and
up for its first bidding gas licensing round since 2007 in 2024. more investment,” he remarked.
round since 2007. Speaking at the CERAWeek conference However, he did not offer many concrete
in Houston last week, Bengdara declared the details about the upcoming licensing round.
WHY: bidding round would mark Libya’s return to As of press time, it was still not clear which sites
Bengdara made his business. might be offered to investors or when the bid-
announcement after the The North African country’s upstream oil ding process might begin.
signing of an $8bn deal and gas sector has suffered many setbacks, as
with Eni.
the overthrow of Moammar Qaddafi’s regime Big plans with Eni
WHAT NEXT: in 2011 paved the way for more than a decade of Meanwhile, Argus Media pointed out that Beng-
Political quarrels still political instability. There have been some signs dara’s mention of the deal with Eni raised some
have the potential to of recovery, such as NOC’s signing of an $8bn questions, given that a number of Libya’s spar-
deliver further setbacks. offshore natural gas project deal with Italy’s Eni ring political factions have rejected it. The Italian
earlier this year. major has yet to take a final investment decision
And according to Bengdara, Tripoli sees this (FID) on the Structures A&E project, which is
agreement as the basis for further co-operation designed to come on stream in 2026.

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