Still, Wood Mackenzie has predicted that operators will continue to add strategic, new growth opportunities in several regions across the globe. To wit, the Middle East and North Africa are slated to add at least 20 billion barrels of oil equivalent through the 2030s through licensing rounds and contract negotiations. The move aligns with Libya's goal to reach 2 million barrels per day (bpd) production, a level near pre-2011 crisis output. This initiative is seen as a landmark moment, opening a significant, resource-rich market to international energy companies. This is a major offshore oil and gas find by Kuwait Oil Company (KOC) east of Failaka Island, containing estimated reserves of 2.1 billion barrels of light oil and 5.1 trillion cubic feet of gas (about 3.2 billion barrels of oil equivalent).

Source: The North Africa Journal January 13, 2026 15:24 UTC