Libya to roll out licensing rounds for domestic and international tendersSpeakers participating during a finance panel at the Libya Energy & Economic Summit (LEES) shared that the country’s planned licensing rounds – for domestic companies as well as an international tender – will be launched soon, in line with national targets to more than double oil productionLibya is well positioned to rebuild its economy on the back of hydrocarbons and enhanced local participation. The country is ready to welcome foreign investment, with the government recently implementing a series of legislative reforms while advancing infrastructure development and the deployment of renewable energy. Ahmed Gaddah, Partner at Eltumi Partners, stated that, “Libya has great potential, and we have local capacity with Libyan insurers and contractors." Meanwhile, for the local economy, oil and gas is integral, representing the key to bolstering energy access, industrialisation and long-term gross domestic product growth. Abundant renewable energy potential has already begun to attract foreign players, while the government remains committed to steering an energy transition through low-carbon solutions.
