Libya offers to replace Russian oil under sanctions
Libya's internationally recognised government has offered the United States and Western partners to replace Russian oil, Libya, which is under sanctions. The Libyan delegation made the announcement during a visit to Washington, where officials are presenting the first tender in 18 years to sell licences for the development of oil and gas fields.
Tripoli is seeking to attract international companies to increase production and strengthen its position in the global market.
Why is this done
Libyan government officials believe that:
Increasing Libya's role in the energy market will allow reduce the world's dependence on Russian oil;
The arrival of large international energy corporations will weaken the influence of General Khalifa Haftar, The Moscow-backed group controls the eastern regions of the country;
expanding cooperation with the US will guarantee the stability and security of new energy projects.
Who is already interested in the tender
According to the Libyan side, the following global companies have already applied for pre-registration to participate in the tender:
Shell
Chevron
TotalEnergies
Eni
Repsol
In addition, Exxon Mobil is also planning to join. In August, the company signed an agreement to explore a gas field on the Libyan shelf, signalling its return to the Libyan market after a long pause.
Context.
Since the overthrow of Muammar Gaddafi in 2011, Libya has been in a state of political fragmentation. Control over oil resources is a key instrument of influence between the government in Tripoli and Haftar's forces. Therefore, the admission of Western companies could radically change the balance of power both in Libya and on the global oil market.
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