Why Oil Majors Are Quietly Betting Big on Libya Again

Libya is increasingly viewed as a relative beacon of stability compared to key Middle Eastern states such as Saudi Arabia, the UAE, and Qatar. While the recent fire at Libya's largest oil field, Sharara, caused temporary concern, the broader trend shows major oil companies like Eni, TotalEnergies, and ConocoPhillips are reinvesting. Libya's National Oil Corporation (NOC) is pushing to increase production from 1.2 million to 2 million barrels per day. The country's sweet crude is highly valued by European refiners, and its geographic location offers a shorter, safer supply route compared to the Persian Gulf.