Tripolis will die Energielücke in Europa füllen, sagt Libyens Ölminister

Libyen is confident it can help Europe balance energy supply losses caused by the Hormuz Strait blockade, but concerns remain over the country's ability to overcome decades-long turmoil. Oil and Gas Minister Khalifa Abdel Sadig told a panel at the "Offshore Northern Seas" conference in Stavanger, Norway, that Libyans are facing "very difficult times in terms of energy security."

He said Libya could play a "key role in providing solutions for energy security" for the European Union. Libya possesses the largest proven oil reserves on the continent and the fourth-largest gas reserves. It has recently sought to boost production and sign new contracts with major oil companies. Currently, Libya supplies most of its oil and a small amount of gas to Europe, but aims to return oil production to levels not seen since the 1970s and significantly increase gas deliveries.

This follows a decline in foreign energy investments, exacerbated by the 2011 civil war that led to the overthrow of dictator Muammar Gaddafi and divided the country into two warring governments in the east and west. Abdel Sadig said they are ready to act and need to do more. The wars in Ukraine and Iran have driven up EU energy costs, with natural gas prices reaching a three-year high this week.

This is a "wake-up call" for European politicians to pay more attention to this potentially significant new supplier, Abdel Sadig said. He seemed to confirm the moderator's statements that Libya has the potential to become a "Mediterranean Norway." However, the deteriorating security situation in Libya complicates the country's efforts to position itself as a reliable supplier to Europe.

Smuggling of fuel by gangs and militias has affected production levels in recent years, and political groups increasingly target energy infrastructure. At the beginning of the month, drones attacked a power plant and a major refinery in Zawiya near Tripoli, the capital of the internationally recognized government in the west of the country, causing widespread power outages.

The same week, a senior intelligence officer was killed in an assassination attempt. The country's ability to provide stable business conditions for Western companies remains unclear in the face of these challenges. Even if tensions ease, it will not be easy to ramp up production. The Greenstream pipeline, which connects Libya to Sicily, is currently used at only about ten percent of its capacity.

This capacity gap, however, offers "the opportunity to transport more gas," Abdel Sadig said at the panel, adding that it would require increased international cooperation and investment in technology. Eni, the Italian energy company, aims to increase flow rates through Greenstream. A delegation of Italian lawmakers visited Libya at the beginning of this year and supported expanding pipeline usage for Rom.

However, analysts warn that a significant increase in flow rates would take years and require substantial investments.