Libya’s Minister for Oil and Gas H.E. Mohamed Aoun has confirmed participation in the African Energy Week (AEW) 2021, scheduled between November 9-12, in Cape Town, South Africa.
This was announced by African Energy Chamber, organiser’s of African Energy Week 2021.
Uniting Africa’s top oil and gas producers, financiers, service companies, policy makers and traders under one comprehensive and market-driven program agenda, AEW 2021 represents the ideal platform where the discussion on the future of hydrocarbons in Africa will be made.
In line with the event’s objective of ensuring Africa’s hydrocarbon resources are fully utilized to make energy poverty history by 2030, H.E. Mohamed Aoun will lead a strong discussion on Libya’s energy potential, ongoing regulatory reforms, and its strategic value within global energy markets.
Representing one of Africa’s top oil producing nations, and a sector that has seen significant reform in 2021, Libya has garnered interest from global players due to the recent return to stability under the Government of National Unity.
With the Ministry having been restored this year, Libya is poised to experience accelerated energy sector investment and development, driven by sector alignment and integration.
Libya’s oil reserves are estimated at over 43 billion barrels, placing the country as the ninth largest reserve holder worldwide. Additionally, the country boasts over 1 trillion cubic meters of natural gas reserves, positioning Libya as a hydrocarbon hotspot.
Despite ongoing struggles to revive the sector, the country has managed to maintain production levels by above 1 million barrels per day. With ambitious plans to significantly scale up production and refining capacity, the Ministry is focused on attracting significant levels of investment in the sector.
Accordingly, led by H.E. Aoun, Libya will be coming to AEW 2021 to promote the potential of Libya’s energy resources, making a strong play for investment and regional collaboration.
Libya’s energy sector revival will not only bring significant benefits for the population but will open new and improved export opportunities to global markets. Attributed to the country’s strategic position, and direct network chain to European markets, the country is well positioned to enhance Africa’s export potential and drive global supply.