Libya, which holds the largest oil reserves in Africa and the ninth largest in the world, stands at a crucial position in its efforts to enhance oil exports and foster economic recovery.
The Libyan Council of Ministers (CoM) issued Decree 482 of 2024 on Sep. 19 of this year granting new powers and authority to the Commercial Registry (CR) when it comes to the establishment of a legal presence for foreign companies in Libya.
Italian energy company Eni and British oil giant BP have officially resumed exploration activities in Libya, a significant development following the halt of onshore drilling in 2014.
Tarek Eltumi, Founding Partner of Eltumi Partners, spoke to the Middle East Economoic Digest (MEED) about the high levels of interest shown by international companies in Libya’s upcoming oil licensing round.
