Libya's Oil & Gas Industry

Libyan leader Muammar al-Qaddafi initiated a major change in economic policy in mid-2003 when he called for the privatisation of the oil and gas industry, together with other sectors of the Libyan economy, signalling a move away from the socialist, command economy in place for almost three decades. Tentative steps to open the Libyan economy were taken in the second half of 2003; however, it was the December 2003 Libyan decision to renounce weapons of mass destruction and related delivery systems that made widespread economic liberalisation practical, if not probable. In response to that decision, the world welcomed Libya back into the international community, and the United States gradually lifted the package of commercial and diplomatic sanctions in place for more than two decades. Libya implemented a variety of initiatives after 2003 to broaden and deepen the process of economic liberalisation; however, the oil and gas industry has been the only economic sector to show significant progress. The current round of exploration and production sharing agreements (EPSA-4), in which more than two dozen companies from a dozen countries have been awarded contracts, generated enormous interest and investment in Libya's hydrocarbon industry. At the same time, the approach taken by the Libyan government, a blend of old and new policies, raised fresh concerns as to the future structure and direction of its oil and gas industry

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