In a significant move, Abdul Hamid Dbeibeh, the head of Libya‘s interim unity government, has disregarded a decision to reinstate Mohamed Aoun as the Oil and Gas Minister.
Instead, Dbeibeh convened with the newly appointed Oil Minister, Khalifa Abdul Sadiq, to discuss the potential resurgence of American companies in the Libyan oil sector, aiming to boost production to 2 million barrels per day.
During the meeting, Dbeibeh reviewed the outcomes of Abdul Sadiq’s recent trip to the United States, where he engaged with major oil and gas firms.
The discussions revolved around the strategic return of major U.S. companies to the Libyan oil scene, aiming to amplify their activities within the country.
Abdul Sadiq confirmed that top American companies, led by ConocoPhillips, are planning to participate in upcoming exploration and project bids initiated by the national oil corporation.
There’s a keen interest from ConocoPhillips to visit Tripoli and meet with the Prime Minister to present their vision for expanding their operations in Libya.
Reuters previously highlighted the impact of the closure of Libya’s Sharara oil field on global oil supplies, leading to higher energy prices.
An IG market analyst told the agency that the complete closure of the Sharara oil field due to local protests, and the ongoing tensions in the Red Sea, have renewed concerns about the disruption of crude supplies around the world.
Reuters confirmed that the local protests that began last Wednesday led to a complete shutdown of production at the Sharara field, which can produce up to 300,000 barrels per day, noting that the field “has been a frequent target of local political protests and broader unrest.”
