Hormuz tensions drive surge of investment in Libyan oil, gas
Oil companies have returned to Libya after a 15-year hiatus stemming from political instability, including Eni, BP, TotalEnergies, OMV and Chevron
Walaa Alshaer/Bloomberg via Getty Images
Khalifa Adbulsadek, Libya's minister of oil and gas, at the ADIPEC conference in Abu Dhabi
Add The Circuit on GoogleIran’s chokehold over the Strait of Hormuz is providing a bounty for Libya’s oil and gas industry.
As Gulf producers scramble to find alternative channels for export, international oil companies have turned to Libya, which has the largest reserves in Africa, and can deliver to Europe and North America from its unobstructed Mediterranean ports, Arabian Gulf Business Insight reports.
Most recently, Oman’s state-run oil company, OQEP, signed a deal to explore the country’s energy resources.
Several other oil companies have returned to Libya after a 15-year hiatus stemming from political instability, including Eni, BP, TotalEnergies, Repsol, OMV, and Chevron.
