A wealth of treasure lies in The Elephant Field, 800 km south of Tripoli, which was discovered by the Italian company Eni in 2006. The Elephant Field drew a renewed focus upon MENA oil and gas, and showed that there are new possibilities waiting to be found in the face of a global oil crisis.
Booming investment within China and India has created a vast amount of pressure on MENA oil reserves, but Libya could hold the solution. There are doubts over Libyan official records regarding its oil and gas reserves; oil and gas experts insist Libya has a much higher amount than it is currently prepared to say. Although Libya hopes to reach a target of 3 million bpd by 2013, this is impossible without foreign investment. Therefore Libya might be a key port of call for the struggling oil and gas industry.
Libya is a magnet for oil discovery, and offers not only better routes to Europe and America than the Gulf, but it also could become the final frontier for the entire oil and gas industry. Industry leaders hope that the collaboration at the NGO&G Mena Summit will encourage Libya to be more transparent about its natural resources, and whether the technology solutions discussed increase efficiencies in established oilfields.
Author: NG Online News.