Since the lifting of UN sanctions and restoration of diplomatic relations with the west, Libya has reopened its market to foreign investments, especially in the oil & gas sector, which is still the main drive of the Libyan economy.

Libya is a major producer of high quality, sweet crude oil with low sulphur that makes it easier to refine. Libya has the largest proven oil reserves in Africa, set at 41.5 billion barrels and natural gas reserves were estimated at 52.7 trillion cubic feet. Libya’s hydrocarbon reserves potential could be substantially higher, as only 33% of the country is covered by exploration agreements.

Libya currently produces 1.7 million barrels of oil a day and is aiming to increase production to 3 million barrels a day by the end of 2013. To achieve this aim, foreign investments are needed.

Libya is Europe’s single biggest oil supplier and has become one of the most vocal members of OPEC. The top agenda of the Libyan government is to reform its economy and the oil & gas sector has been one of its top priorities. Libya’s National Oil Corporation (NOC) has led an expansion programme which has granted exploration licenses to more than 40 international companies since 2005. The country is simply on the verge of oil & gas boom, with many foreign oil & gas companies working in various areas. All of this has generated unprecedented interest from international oil & gas companies and made Libya an important and strategic market candidate.

For these reasons Sahra Oil Consultancy (SOC) has been established.

SOC is an independent oil & gas consultancy firm based in London and Tripoli, committed to providing excellent, in-depth, up-to-date consulting and advisory services to international oil & gas companies wishing to work or set up their business in Libya.