Why Oil Majors Are Quietly Betting Big on Libya Again [Yahoo! Finance]
BP p.l.c. (BP)
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Source: Yahoo! Finance
states, such as Saudi Arabia, the UAE, and Qatar, but here we are, nevertheless. Of course, the recent fire at Libya's largest oil field, Sharara, caused by a pipeline leak , may have been the product of another attack by one of the many warring factions there, so it is not exactly Switzerland in terms of the global peace rankings table. However, Libya's appeal to international oil companies (IOCs) has been on the rise again since Russia's unprovoked invasion of Ukraine on 24 February 2022, as Western countries looked to new oil and gas supply sources to compensate for those controlled by the Kremlin. This resurgence of Western interest coincides with Libya's re-energised plan to boost crude oil production to at least 2 million barrels per day (bpd) by 2028, and the announcement last year that 22 offshore and onshore blocks would be licensed in the initial bidding round to this effect. Recent news underscores how positively these initiatives are currently playing out. One of the Wes
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