A political standoff in Libya risks once more paralyzing the north African country’s lucrative oil sector.
But the frequency of its power tussles and crude disruptions have left long-term oil price support into question.
Oil prices rallied on Monday on the Libyan reports, but had already surrendered much of these gains during the Tuesday session.
Petrofac, a leading provider of services to the global energy industry, has today been awarded a Technical Services Contract by Compañía Nacional de Petróleos de Guinea Ecuatorial (GEPetrol), the National Oil Company of Equatorial Guinea, to support the operation of the region’s Block B asset.
The corporate oil and gas sector faces a year of big decisions in 2024. Consolidation will remain in the spotlight as companies position to build scale and strengthen sustainability through the energy transition. Growth will make a comeback. But companies will not put their financial strength at risk in what threatens to be a turbulent year.
The Middle East also stands out as the only region where upstream oil and gas investments have exceeded pre-pandemic levels.