17 Hrs
Source:
عين ليبيا
Libyan oil set for new phase with $20B in investments
In 2026, Libya's oil and gas sector underwent a strategic transformation with the commencement of a new investment cycle. This included the implementation of major projects for exploration, production, offshore gas field development, and gas processing. Major companies, such as Waha Oil Company, signed a 25-year agreement valued at over $20 billion, predicting an increase in oil and gas production by more than 100,000 barrels annually until 2050. The sector is also working on updating agreements and strengthening infrastructure to meet global market demands. There is a focus on attracting foreign investments and adopting modern techniques in fracturing operations and introducing new drilling platforms, which will boost employment opportunities and enhance local investment. Additionally, Petrojet aims to contribute to the energy sector's development by providing innovative technical solutions, executing projects in carbon reduction, expanding its logistical and technical services, and building long-term local capacities to support the resumption of production and improve Libya's energy security.
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