The authorities in charge of Libya’s oil and gas sector are contemplating a radical shift to private financing of major upstream and downstream developments to get around budget constraints which are putting many essential projects out of reach. Under the former regime of late leader Muammar Qadhafi, the idea of using domestic or international finance to back National Oil Corporation (NOC) projects was unthinkable. Even now, the idea may be opposed by newly formed trade unions or armed groups representing local interests who continue to promote themselves under the banner of ‘revolutionary’ forces. However, a well-attended two-day seminar on sources and methods of financing and prospects for investment in the oil and gas sector, held by NOC in Tripoli on 14-15 May, showed the corporation was serious about bringing in outside money.
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