Libya Energy Summit 2024

Gulfsands’ CEO John Bell had the privilege of attending the Libya Energy & Economic Summit in Tripoli last weekend.

He was invited to speak on a panel addressing the energy transition and its influence on investment decisions in Libya’s oil and gas sector.  This topic is particularly relevant, especially after the successful COP28 conference held in Dubai in 2023, where a commitment to a “just transition” away from hydrocarbons was reiterated.

While transition is inevitable, the concept of the “energy trilemma” has moderated the pace of the pursuit of this change. The energy trilemma acknowledges the need to balance energy security, energy affordability, equity, and sustainability, with different countries prioritizing different aspects dependent on their needs and objectives. In Libya, Europe’s energy security concerns, in particular, provide a helpful tailwind for the Libyan oil and gas industry.

For Libya, this means that there remains time to harness the benefits of its abundant hydrocarbon natural resources, but the country must act fast to do so and must also innovate and embrace new technologies available to mitigate environmental damage in the process.

Furthermore, Libya should look to the future and seek to diversify its economy while it still has the luxury of its hydrocarbon wealth to support these initiatives.  Libya possesses significant potential for renewable energy, with abundant sunlight and wind, especially in coastal areas. The recently announced National Strategy for Renewable Energies and Energy Efficiency (NSREEE) indicates a positive step in this direction.

The Libya Energy & Economic Summit was opened by Libya’s Prime Minister H.E. Abdulhamid Al-Dbeibeh and brought together esteemed guests including Ambassadors, Ministers, and visiting delegations from various countries and international organizations to discuss Libya’s energy and economic future.

It was an inspiring event, full of optimism and opportunity and open and frank discussions about how Libya can once again become a favoured destination for foreign capital.  It was a pleasure to meet a number of government ministers including Libya’s Minister of Oil and Gas H.E. Mohamed Aoun, who spoke passionately about his vision and aspirations for the future of Libya’s oil and gas sector.

Congratulations to the organizers and sponsors for the very successful event.