Libya's energy sector may gradually grow
Monday, April 24, 2023
Significance
The NOC plans to increase oil production and gas output, and to advance renewable energy production. It also wants to amend oil laws and change the corporate social responsibility (CSR) framework.
Impacts
- The scale of the NOC’s ambitions will likely attract foreign investors despite the country’s political instability.
- Tripoli-based Prime Minister Abdul Hamid al-Dbeiba will leverage energy to bolster his international credentials.
- The United States will press Libyan factions to prevent production and export disruptions, fearing a negative impact on global oil prices.
- Plans to expand the hydrocarbons sector may increase corruption in the absence of strong central authorities and judicial oversight.
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