Summary:

On 18-19 January 2025, Libya’s Tripoli-based government held the Libya Energy and Economic Summit 2025 with 490 international companies from 30 different countries in attendance, along with 1500 energy experts.  

Prime Minister Abdelhamid Dbeibah kicked-off the summit by announcing Libya’s goal to reach 1.6 million barrels per day (bpd) of oil production and 2 million bpd by 2027. Minister of the Economy, Mohamed Al-Hwej, stated that “Libya aims to be a strategic energy hub connecting Europe and Africa.” 

Multiple foreign firms expressed their intention to increase investments in the Libyan energy sector during the summit.  

General Manager of the Turkish Petroleum Corporation (TPAO), Ahmet Türkoğlu, said that Turkey sees great potential in Libya stating that it is ready to invest billions of dollars. 

France’s TotalEnergies and Italy’s Eni both stated plans to increase production and pursue exploration activities in pursuit of untapped resources in Libya.  

Additionally, Chinese firm Geo-Jade discussed investment plans and the development of energy production infrastructure with the Libyan Minister of Oil and Gas. 

Meanwhile, British Petroleum (BP) signed a strategic agreement with Libyan Investment Authority to enhance cooperation on exploring the Ghadames Basin and the Gulf of Sirte. 

Outlook: 

The energy summit is likely to favor Tripoli’s efforts to attract foreign investments in the energy sector, which is essential for development and reconstruction plans, particularly with the economy almost totally reliant on energy sales. 

Securing agreements to increase production and develop drilling operations that have been halted for 10 years is likely to help Libya restore its position among energy exporting producers and build confidence in its potential. 

The summit also reflects the competition between foreign firms to win bids in Libya as Asian, European, and American firms participated, many showing a strong willingness to deploy technologies and investment capital to expand oil and gas production in Libya. 

To capitalize on this broad interest, Tripoli will have to demonstrate an ability to maintain stability in the regions under its control. Foreign firms have varying levels of risk tolerance and are conscious of recent shutdowns of production sites and armed clashes that have disrupted Libya’s oil production. 

Increasing energy production is likely to help PM Dbeibah secure allegiance with tribal factions if revenues are directed from the Central Bank to local interests. 

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