The African Energy Chamber (AEC) has issued forecasts suggesting that the continent’s onshore oil and gas sector will maintain stable production rates over the next two years. This stability is projected to be accompanied by a surge in investments aimed at developing mature fields, particularly in Libya, Algeria, and Nigeria. The total spending on these activities is anticipated to reach approximately $22 billion by 2026.
The report specifically highlighted Libya’s efforts, noting that its oil production is highly reliant on onshore fields, accounting for nearly 93% of its output. In this context, the National Oil Corporation (NOC) has set ambitious targets to boost production levels, aiming to increase the daily rate to two million barrels within the coming years.
In a proactive move to attract investment, the AEC report pointed out that the NOC launched a new licensing round this year. This round encompassed 22 new exploration blocks and is expected to be completed by 2026. The initiative is designed to solidify Libya’s standing as a primary energy supplier on the African continent.