Still, Libya’s oil production is declining despite efforts by the National Oil Corporation (NOC) to maintain production levels and prevent further decline. In addition, it became a norm to interrupt oil production to get the attention of the central government in Tripoli. Despite these challenges, Libya is well-positioned for an energy transition: it is one of very few oil producing countries that also have large reserves of natural gas and renewable energy resources. Rethinking the Oil Sector ReformThe NOC should aim to harness the opportunities provided by the national accord on the new leadership and international oil market developments to develop a concrete plan to reform the oil sector. Even with the government pledging to get to 10% renewable energy by 2025, many believe this is still not aggressive enough.

Source: Libya Today November 23, 2022 23:27 UTC