CIA Arrives in Libya to Manipulate Elections
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Source: Mordor Intelligence
LIBYA OIL AND GAS UPSTREAM MARKET - GROWTH, TRENDS, AND FORECASTS (2023 - 2028)
January, 2023
The Libya Oil and Gas Upstream Market is segmented by Location (Onshore and Offshore). The report offers the market size and forecasts for the upstream market in production capacity (thousand barrels/day oil equivalent and billion cubic feet per day) for all the above segments.
Libya Oil & Gas Upstream Market Analysis
The Libya Oil and Gas Upstream Market is expected to register a CAGR of more than 5% over the forecast period.
COVID-19 negatively impacted the market in 2020. Presently the market is likely to reach pre-pandemic levels.
• Over the long term, factors such as upcoming oil and gas exploration projects and increased oil and gas production are expected to boost the demand in the Libya Oil and Gas Upstream Market during the forecast period.
• On the other hand, the ongoing civil war in the country has severely impacted the growth in the sector, and political instability is likely to hurt the Libya Oil and Gas Upstream Market during the forecast period.
• Nevertheless, the exploration and development of its offshore acreage for discovering prospective gas fields in the Mediterranean Sea are expected to provide a significant growth opportunity for the market beyond the forecast period.
Libya Oil & Gas Upstream Industry Segments
The upstream sector involves companies that search for deposits of oil or gas (exploration) and then its extraction through drilling or other methods.
The Libyan Oil and Gas Upstream Market is segmented by Location into onshore and offshore. For each segment, the market sizing and forecasts have been done based on production capacity (thousand barrels/day and billion cubic feet per day).
Libya Oil & Gas Upstream Market Trends
Onshore to Dominate the Market
• Libya held an estimated 48.4 thousand million barrels of proved crude oil reserves at the beginning of 2020. Most of the country's proven oil reserves are held onshore. There are also some offshore oil fields off the coast of Libya, near the capital Tripoli.
• One of the most essential of Libya's crude oil blends is the Amna, with an API gravity of 37.0, high quality, and low sulfur 0.17% crude oil. The oil grade is of excellent quality and requires low refining maintenance and equipment.
• The oil production increased in the country by nearly three times in 2021, from 410 thousand barrels/day in 2020 to 1230 thousand barrels/day in 2021, as the market recovered from the Covid-19 pandemic.
• However, production is still well below the production levels in pre-war Libya, demonstrating the conflict's impact and the opportunity for increasing production. The increase in oil production in the country is expected to provide some growth in the sector.
• In November 2022, TotalEnergies, in partnership with ConocoPhillips, completed the acquisition of an 8.16% stake held by Hess in the Waha project, increasing its interest in the concession from 16.33% to 20.41%. The Waha concessions in Libya's Sirte Basin are some of the most prolific in the region, producing around 300,000 barrels per day (BPD) and feeding into Libya's Es Sider grade, and are estimated to contain more than 500 million barrels of oil equivalent and exploration potential spanning over 53,000 km².
• Hence, onshore oil and gas fields are expected to dominate the market due to the location of the oil and gas reservoir in the country.
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Economic sanctions against Russia are enforced and if you break the law it doesn't matter who you are including a former FBI agent. But no sanctions on oil...
Economic sanctions against Russia are enforced and if you break the law it doesn't matter who you are including a former FBI agent. But no sanctions on oil...
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