$10bn for Oil and Gas Projects

It has been an interesting week, with Oil Minister Abdul-Rahman Ben Yezza highlighting Libya's plans to spend $10bn on developing long-term oil and natural gas projects and to increase its crude production capacity. The country also has a five-year plan to increase production to 2.2 million barrels a day.

Wintershall is closing in on its pre-conflict production levels in Libya. The company is currently producing a little over 70,000 bopd in the country, which is about 70% of pre-conflict levels. Wintershall’s VP Klaus Langemann said the company’s output was being restricted by infrastructure constraints.

ENI CEO Paolo Scaroni has stated that ENI will await the elections on the July 7th before making any decisions on its future projects, though work is continuing.

Libyan Iron and Steel Company (LISCO) has now resumed most of its steel production a year after it suspended operations, meaning a return to work for many of its 6,500 employees. Essential repairs are currently being completed on plants that were damaged during the battle for Misrata.

In September 2012, the Danish Minister of Trade and Investment will head an official Danish business delegation to Tripoli. America is also keen to do business in Libya, with areas such as tourism, health care and education said to be a focus for investment.

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