Recent meetings between Italian and Libyan leaders to discuss the energy and infrastructure projects bode well for Libya’s role in ensuring global energy security, as the market shifts from reliance on Russia and the Middle East.

The Italian prime minister met with Libyan leaders to discuss common projects in the key energy and infrastructure sectors, explore new investment opportunities and increase cooperation on migration.

Italy’s strategy in Africa, the so-called Mattei Plan, named after the founder of Italian energy company Eni, envisages cooperation with the continent to supply Italy’s energy needs.

The intention is to create a hub in Italy from which African gas and oil can be transited to other parts of Europe, as the EU continues to adopt further boycotts against Russia.

A meeting was also held between the chairman of the National Oil Corporation (NOC) and the ambassadors of Italy and France in which the work of Italian and French companies operating in Libya was discussed, along with Libya’s role in contributing to global energy security and supporting the NOC’s efforts to raise production as well as cooperation in reducing carbon emissions.

Italian multinational energy company Eni has a number of projects in Libya, and others, such as Deepblue Energy Services, have expressed interest in carrying out exploration activities in the country.

These latest developments highlight the EU’s growing recognition of the importance of North Africa in ensuring energy security as the world grapples with geopolitical events continuing to unfold in the Ukraine and the Middle East.

With some of the largest reserves of oil and gas globally, Libya is a prime example of untapped energy potential in North Africa.

Algeria provides an example of a North African country that has already tapped into its energy potential very effectively. It has experienced significant growth in its gas production: output increased from 132 billion cubic meters in 2022 to over 136 billion cubic meters in 2023.

This significant growth has been supported by the country’s extensive reserves as well as investment in export infrastructure capacity.

Algeria has three major intercontinental pipelines that export natural gas to Europe.

A new hydrocarbon law was passed by the Algerian government in 2019, which was designed to attract additional foreign investment into exploration and production activities, and three deals have so far been signed with international oil companies.

Having accelerated its exploration and production activities the country is now Europe’s second largest gas supplier after Norway.

Eltumi Partners is well placed to advise both local and international companies operating in the energy and infrastructure sectors that are looking to explore opportunities in Libya and the wider region.

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