On Sunday, the capital, Tripoli, hosted the second edition of the Energy and Economic Summit, spanning two consecutive days. The event saw the attendance of over 1300 participants from more than 30 countries, representing twice the number of participants in the inaugural edition held in 2021.
Participants in the summit included countries such as Turkey, Italy, Spain, France, Algeria, and several leading companies in the oil, gas, and renewable energy sectors, including Eni, Repsol, Total, Oil Invest, BGN, and Sonatrach.
During the summit, the Prime Minister of the Government of National Unity, Abdul Hamid Dbeibeh, emphasized the government’s efforts to create significant programs to revitalize the national economy and address challenges in the development of the oil and gas sector. He highlighted the achievements in stabilizing the electrical network, considered a significant challenge that has now been addressed for the benefit of citizens.
In his address, the Chairman of the National Oil Corporation, Farhat Bengdara, stated that the Corporation, since its establishment, maintained strategic relationships with its international partners to achieve global energy security. He mentioned the corporation’s plans and strategies aimed at restoring Libya to the forefront of the energy sector by increasing production, with the goal of raising production to 2 million barrels per day through partnerships with foreign companies.
The Minister of Oil and Gas, Mohamed Aoun, pointed out that Libya has substantial undiscovered reserves of oil and gas, with about 30% of Libyan territories yet to be explored for oil. He highlighted the abundance of shale gas and shale oil, stating that Libya’s future in the oil and gas sector remains promising. He also noted that some African countries are just beginning to discover oil, and there are 600 million Africans who have not experienced electricity in their lives.
On the economic front, the Minister of Economy and Trade, Mohamed Al-Huwaij, disclosed that the ministry has outlined a ten-year plan aimed at diversifying the economy and reducing reliance on oil. To achieve this, he emphasized the need for the contribution of foreign companies, especially oil companies like Eni. He urged European countries to assist in lifting the freeze on Libyan funds abroad to develop the oil sector and invest the funds in carbon and clean energy fields.