A new analysis by U.S. financial research firm S&P Global suggests the appointment of a new oil minister in Libya could help unleash major oil projects that were previously suspended.
The previous minister, Mohamed Aoun, was ousted on March 25th due to “legal violations”. He was replaced by Khalifa Abdul Sadiq.
According to analysts, Aoun spearheaded opposition to the development of the NC7 Hamada field over concerns it gave too much control to foreign operators.
The vitality of Libya's oil industry hinges on the interplay among pivotal figures within the sector, encompassing the oil minister, Prime Minister Dbeiba, National Oil Company Chairman, and the influential Central Bank Chairman.
The expectation is that there will be more support for investment from the International Oil Companies (IOC) without Aoun.
However, analysts say Aoun remains influential and political instability is also a risk.
"Until there is, at a minimum, a re-unification of Libya's competing governments, political uncertainty will continue to complicate the operating landscape for IOCs,” Hamish Kinnear, senior senior Middle East and North Africa analyst at Verisk Maplecroft told S&P Global.
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