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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL
Libya aims to almost double its crude production to 2mb/d over the next 3‒5 years investing US$4 billion a year however various obstacles may hinder the plans according to Wood Mackenzie. Libyan National Oil Corporation (NOC) is keen to keep the oil flowing and maximise state revenues.
- The threat of shut-ins and blockades of fields, ports, pipelines and key infrastructure as never to far away as Libya remains divided.
- Ageing infrastructure presents ongoing maintenance challenges with investment required to overhaul ageing facilities and plants.
- Libya is conscious of the energy transition and longer-term oil demand decline, especially from Europe and has struggle to entice investment from international oil companies.
- Investment has averaged less than US$1 billion annually since 2011 with challenges accessing funds, poor returns and long payback periods and with NOC typically taking a large share of production.
- WoodMac to not expect NOC to achieve the target but a new oil and gas licensing round in 2024 may bring new investors.
Source: Wood Mackenzie
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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