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Industry Trend

Euro Majors Still Drawn to Fragile Libya

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Libya’s political stability remains precarious ahead of UN-backed presidential elections this month, with foreign powers still backing their proxies and foreign mercenaries strewn across the country. Remarkably, this has not prevented European major oil companies from doubling down on hydrocarbon investments in Libya and moving into supporting renewable energy developments there. This is because Libya is evolving into a new opportunity amid the energy transition — one that combines low-cost hydrocarbons with vast solar potential, allowing companies to reduce their Scope 1 and 2 (operational) emissions while ensuring revenues flow to their transitioning businesses.

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