Risk Analysis: Libya's Oil and Gas Market
Libya is reputed to hold the ninth largest proven oil reserves in the world (approximately 38% of Africa's total proven crude reserves)[1] making it a key player in the global energy market. Since 2011 however, the country and its energy sector has been in turmoil and there are currently two rival governments struggling for control over Libyan territory and resources. In this article, we highlight the five major legal risks currently facing companies operating in the territory (or indeed outside when handling Libyan crude exports).
- Disputed sovereignty
- Sanctions
- Force Majeure
- Labour issues
- Enforcement action