The fourth-largest country in Africa, the continent’s second-biggest oil producer, has been terra incognita for the petroleum industry for a decade and a half. Since Libya’s 2011 revolution, its oil output has oscillated wildly, and volatile, murky politics have kept investment away. But now Libyan oil might be on its way back to the big time – enticing oil seekers, challenging Opec.
The divided country’s internal affairs remain as fractious as ever. But its oil sector is enjoying the best period since the overthrow of Colonel Gaddafi. Production this year is hovering around 1.3 million barrels per day, which would be the best since 2012 if sustained. In 2007-8, Libya had touched 1.8 million barrels daily.
Now, the National Oil Company (NOC) targets 2 million bpd by 2028-2030. If achieved, that would be the biggest increase in capacity within the Opec+ alliance after the UAE and Iraq. Unlike those two, Libya has been exempt from fixed targets because of its political volatility.
In July, 37 international companies qualified for Libya’s bid round, which will be its first since 2007. The 22 blocks offered cover a spread of acreage, mostly in the Sirte Basin and the adjoining offshore areas in the central northern part of the country, and some in the Ghadames and Murzuq basins in the far west and south-west.
NOC says the blocks contain 1.63 billion barrels of discovered oil and gas in place, with potential of 18 billion barrels to be found. That would be a significant addition to current reserves of about 48 billion barrels of oil, the largest in Africa.
Libya has also improved its previously very stringent fiscal terms, which made many Gaddafi-era discoveries unprofitable.
Recent moves
The qualifiers are an interesting group, and testament to Libya’s sudden rehabilitation in the eyes of oil companies. They include all the international supermajors such as Shell and ExxonMobil, the national oil companies of some Mena neighbours including QatarEnergy, Oman’s OQ, and Algeria’s Sonatrach, leading Chinese, Turkish, Indian and Pakistani state firms, and a scattering of independent firms from Europe, the US, China and the Middle East.
Specifically, Shell, BP and ExxonMobil have signed co-operation agreements. BP is looking into rehabilitating the giant Sarir and Messla fields in the Sirte Basin, two mainstays of Libyan output currently run by a NOC subsidiary. The British company will also study unconventional hydrocarbon resources. Shell meanwhile may develop the Atshan field near the Algerian border.
Another qualifier as an investor, though not operator, is Bares Holding, a recently-established Swiss company that works with Arkenu. Arkenu, not listed as qualifying itself, is Libya’s first and so far only private oil company, believed to have strong political backing from the country’s eastern leadership.
Libya will also launch an auction of marginal fields later in the year, with more than 40 fields having potential production from 5,000 to 20,000 barrels per day each, where smaller companies could participate.
Improved and enhanced recovery at existing giant fields, such as the BP deal, will be a faster way to boost output than exploration. It is unlikely that major new fields from this bid round will be found and brought on-stream fast enough to contribute to the 2030 production target.
The timing of the opening is good. Oil and gas prices remain reasonably strong. Europe would like more gas on its doorstep to help complete its switch away from Russia, and avoid depending too heavily on liquefied natural gas imports from an erratic and bullying US.
Underlying conflict
As shale oil resources at home become more mature and expensive to develop, American corporations are finally turning back to the international scene. European companies, especially BP, have decided to make a strong return to their petroleum core business, after years of underinvestment in which future growth prospects dwindled. Most of the international supermajors have enjoyed recent success in deepwater areas, but concentrated in a very few countries, mostly Guyana and Surinam, Brazil and Namibia.
It makes sense to balance these high-cost and technically challenging projects with a highly prospective, low-cost producer such as Libya. A similar train of thought explains the renewed interest of ExxonMobil, Chevron and BP in Iraq.
None of them will be naive about the political tensions still frothing beneath Libya’s surface. The western administration of Mr Dbeibeh, and the eastern, dominated by military leader Khalifa Haftar and his sons, have reached a modus vivendi, for now.
But last August, the crucial Sharara field in the south-west was closed down by local protesters. There were suspicions that they were acting as a front for political interests.
In October, a crisis over leadership of the Central Bank led to shutdowns of several ports, reducing exports to less than half usual levels for weeks. In December, the Zawiya refinery, west of Tripoli, was damaged in clashes between rival militias.
January saw protesters threatening to close down oil export terminals, demanding relocation of NOC offices to the Sirte “oil crescent” region to create jobs. Fighting broke out in Tripoli in May after the killing of a prominent militia leader, and gunmen stormed the NOC offices in what was described as a “limited personal dispute”.
More broadly, in the post-revolution period, the industry has suffered badly from lack of maintenance and investment, fuel smuggling, gas and power shortages, sabotage, blockades by local protesters and armed groups, and outright east-west military conflict. Production was severely cut back in 2011, 2014 to 2017, and 2020.
The overlay of such instability will shade companies’ assessments of blocks. The existing offshore fields in the west, adjoining Tunisia, have proved mostly immune to disruption. On the other hand, the little-explored deepwater areas off the eastern coast come with more technical risks and costs than the onshore. New discoveries and larger revenue flows could encourage eastern and western administrations to work together – or, more likely, fuel renewed competition.
But if Libya can make a success of its revival, it could become a hot-spot for new energy investment. Technically, its accessible potential is second only to Iraq’s. If it does progress, there may be some interesting conversations in a couple of years with its Opec+ colleagues. For now, it needs to make a success of the bid round, draw in some high-quality partners, and get the drill-bits spinning.
Recent winners
2002 Giselle Khoury (Colombia)
2004 Nathalie Nasralla (France)
2005 Catherine Abboud (Oceania)
2007 Grace Bijjani (Mexico)
2008 Carina El-Keddissi (Brazil)
2009 Sara Mansour (Brazil)
2010 Daniella Rahme (Australia)
2011 Maria Farah (Canada)
2012 Cynthia Moukarzel (Kuwait)
2013 Layla Yarak (Australia)
2014 Lia Saad (UAE)
2015 Cynthia Farah (Australia)
2016 Yosmely Massaad (Venezuela)
2017 Dima Safi (Ivory Coast)
2018 Rachel Younan (Australia)
COMPANY PROFILE
Name: Mamo Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua Based: Dubai, UAE Number of employees: 28 Sector: Financial services Investment: $9.5m Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors. UAE currency: the story behind the money in your pockets
Awar Qalb
Director: Jamal Salem
Starring: Abdulla Zaid, Joma Ali, Neven Madi and Khadija Sleiman
Two stars
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
COMPANY%20PROFILE
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THE SPECS
2020 Toyota Corolla Hybrid LE
Engine: 1.8 litre combined with 16-volt electric motors
Transmission: Automatic with manual shifting mode
Power: 121hp
Torque: 142Nm
Price: Dh95,900
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If you go
The flights
Emirates (www.emirates.com) and Etihad (www.etihad.com) both fly direct to Bengaluru, with return fares from Dh 1240. From Bengaluru airport, Coorg is a five-hour drive by car.
The hotels
The Tamara (www.thetamara.com) is located inside a working coffee plantation and offers individual villas with sprawling views of the hills (tariff from Dh1,300, including taxes and breakfast).
When to go
Coorg is an all-year destination, with the peak season for travel extending from the cooler months between October and March.
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About Seez
Company name/date started: Seez, set up in September 2015 and the app was released in August 2017
Founder/CEO name(s): Tarek Kabrit, co-founder and chief executive, and Andrew Kabrit, co-founder and chief operating officer
Based in: Dubai, with operations also in Kuwait, Saudi Arabia and Lebanon
Sector: Search engine for car buying, selling and leasing
Size: (employees/revenue): 11; undisclosed
Stage of funding: $1.8 million in seed funding; followed by another $1.5m bridge round - in the process of closing Series A
Investors: Wamda Capital, B&Y and Phoenician Funds
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Top 10 most polluted cities
- Bhiwadi, India
- Ghaziabad, India
- Hotan, China
- Delhi, India
- Jaunpur, India
- Faisalabad, Pakistan
- Noida, India
- Bahawalpur, Pakistan
- Peshawar, Pakistan
- Bagpat, India
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What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
If%20you%20go
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Defence review at a glance
• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”
• Prioritise a shift towards working with AI and autonomous systems
• Invest in the resilience of military space systems.
• Number of active reserves should be increased by 20%
• More F-35 fighter jets required in the next decade
• New “hybrid Navy” with AUKUS submarines and autonomous vessels
Abu Dhabi traffic facts
Drivers in Abu Dhabi spend 10 per cent longer in congested conditions than they would on a free-flowing road
The highest volume of traffic on the roads is found between 7am and 8am on a Sunday.
Travelling before 7am on a Sunday could save up to four hours per year on a 30-minute commute.
The day was the least congestion in Abu Dhabi in 2019 was Tuesday, August 13.
The highest levels of traffic were found on Sunday, November 10.
Drivers in Abu Dhabi lost 41 hours spent in traffic jams in rush hour during 2019
Small Victories: The True Story of Faith No More by Adrian Harte
Jawbone Press
Why are you, you?
Why are you, you?
From this question, a new beginning.
From this question, a new destiny.
For you are a world, and a meeting of worlds.
Our dream is to unite that which has been
separated by history.
To return the many to the one.
A great story unites us all,
beyond colour and creed and gender.
The lightning flash of art
And the music of the heart.
We reflect all cultures, all ways.
We are a twenty first century wonder.
Universal ideals, visions of art and truth.
Now is the turning point of cultures and hopes.
Come with questions, leave with visions.
We are the link between the past and the future.
Here, through art, new possibilities are born. And
new answers are given wings.
Why are you, you?
Because we are mirrors of each other.
Because together we create new worlds.
Together we are more powerful than we know.
We connect, we inspire, we multiply illuminations
with the unique light of art.
Ben Okri,
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
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Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
Match info
Manchester City 3 (Jesus 22', 50', Sterling 69')
Everton 1 (Calvert-Lewin 65')
Expo details
Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia
The world fair will run for six months from October 20, 2020 to April 10, 2021.
It is expected to attract 25 million visits
Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.
More than 30,000 volunteers are required for Expo 2020
The site covers a total of 4.38 sqkm, including a 2 sqkm gated area
It is located adjacent to Al Maktoum International Airport in Dubai South
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Abu Dhabi race card
5pm Abu Dhabi Fillies Classic Prestige | Dh110,000 | 1,400m
5.30pm Abu Dhabi Colts Classic Prestige | Dh110,000 | 1,400m
6pm Abu Dhabi Championship Listed | Dh180,000 | 1,600m
6.30pm Maiden | Dh80,000 | 1,600m
7pm Wathba Stallions Cup Handicap | Dh80,000 | 1,400m
7.30pm Handicap (TB) |Dh100,000 | 2,400m
West Asia rugby, season 2017/18 - Roll of Honour
Western Clubs Champions League - Winners: Abu Dhabi Harlequins; Runners up: Bahrain
Dubai Rugby Sevens - Winners: Dubai Exiles; Runners up: Jebel Ali Dragons
West Asia Premiership - Winners: Jebel Ali Dragons; Runners up: Abu Dhabi Harlequins
UAE Premiership Cup - Winners: Abu Dhabi Harlequins; Runners up: Dubai Exiles
UAE Premiership - Winners: Dubai Exiles; Runners up: Abu Dhabi Harlequins
Napoleon
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
COMPANY PROFILE
Name: Rain Management
Year started: 2017
Based: Bahrain
Employees: 100-120
Amount raised: $2.5m from BitMex Ventures and Blockwater. Another $6m raised from MEVP, Coinbase, Vision Ventures, CMT, Jimco and DIFC Fintech Fund
THE BIO
Ms Davison came to Dubai from Kerala after her marriage in 1996 when she was 21-years-old
Since 2001, Ms Davison has worked at many affordable schools such as Our Own English High School in Sharjah, and The Apple International School and Amled School in Dubai
Favourite Book: The Alchemist
Favourite quote: Failing to prepare is preparing to fail
Favourite place to Travel to: Vienna
Favourite cuisine: Italian food
Favourite Movie : Scent of a Woman
TOUCH RULES
Touch is derived from rugby league. Teams consist of up to 14 players with a maximum of six on the field at any time.
Teams can make as many substitutions as they want during the 40 minute matches.
Similar to rugby league, the attacking team has six attempts - or touches - before possession changes over.
A touch is any contact between the player with the ball and a defender, and must be with minimum force.
After a touch the player performs a “roll-ball” - similar to the play-the-ball in league - stepping over or rolling the ball between the feet.
At the roll-ball, the defenders have to retreat a minimum of five metres.
A touchdown is scored when an attacking player places the ball on or over the score-line.
How to donate
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
