Shell is preparing to return to Libya as a major player

World leaders in the energy sector are returning to Libya, which is under UN Security Council sanctions.

Concern Royal Dutch Shell is considering returning to Libya, where it left more than ten years ago, to develop new oil and gas fields and infrastructure, as well as to create a solar energy project. If the return takes place, Shell will become the fourth foreign oil and gas company operating in Libya.

French TotalEnergies, Italy's largest oil and gas company Eni and American ConocoPhillips are already operating in Libya. The return of another major player will indicate a gradual stabilization of the situation in the country, where air cargo carriers will likely be able to return soon. The private Ukrainian airline ZetAvia will consider the possibility of operating flights to Libya after the UN sanctions are lifted from Libya.

Libya's vast oil and gas reserves, huge solar energy potential and proximity to Europe make Libya attractive to foreign investors, despite the country's protracted conflict and chaos that has deterred most international companies. Shell's new strategy, agreed with the state-owned National Oil Corporation (NOC) of Libya, speaks of the huge interest of world corporations in the country, which has the largest hydrocarbon reserves in the region. The concern plans to conduct exploration of new oil and gas fields in Libya on several blocks in coastal basins, redevelop aging fields, and create a solar energy project south of the Sirte Basin, which will become part of the company's strategy to reduce oil production to 2% in year by 2030 and increased investment in renewable energies and low-carbon technologies.

Tags: shell; libya; zetavia