EIC Trade Mission to Libya

Saturday, 30 January, 2010 - Thursday, 04 February, 2010

Location: Libya

The EIC is organising an oil and gas trade mission to Libya.

Missioners will have the opportunity to attend organised group meetings with key local players, as well as incorporating briefing meetings presented by qualified speakers with in-market experience and the opportunity to network with local companies at a UKTI organised reception.

Why Libya?

The Libyan government plans to increase its oil reserves, production capacity, and further develop the natural gas sector. With production currently at approximately 1.7 million barrels of oil per day, Libya is the second largest of Africa’s oil producers and the fourth largest gas supplier, and Europe’s single biggest oil supplier. Libya hopes to increase oil reserve estimates with incentives for additional exploration in both established oil producing areas as well as more remote parts of the country.

Libya has vast natural gas reserves and is looking to increase its natural gas exports, particularly to Europe. Libya's proven natural gas reserves as of January 2009 were estimated at 54.4 trillion cubic feet (Tcf) but the Libyan government estimates have been cited as being more than twice that volume. Potential for further growth through exploration and development is large, given limited exploration so far in a number of areas of the country, including the offshore Mediterranean, Murzuq, Ghadames and the Eastern side of the country. BP, BG and Shell are all looking for gas here and many other well known UK-based companies involved in the energy industry are also active in the Libyan market and the number is increasing all the time.