INTERNATIONAL PROJECT SERVICES was established in the 2000’s in Libya to meet a growing demand for accurate, timely professional Services and supplies the Libyan Energy sector with particular emphasis on the all-important oil and gas industry.
The Libyan Energy sector is poised for a massive expansion over the next decade to meet the country’s reconstruction and development needs and to position Libya as a long-term, reliable and responsible supplier to the world’s oil and gas markets.
It is anticipated that Libya will undergo tremendous changes in the next decade and an entirely new political, economic and constitutional order is emerging. Libya is obligated to develop its rich energy resources in ways that would provide the optimum balance between revenue-generation, good oil field practice, and develop solid managerial, technical and professional competences in the energy sector. In addition, Libya must ensure that this development programme for the Oil and Gas sector fits with the overall expected development and reconstruction priorities of the country. A reasonably appropriate balance must be struck between the roles of the private and public sectors in meeting the challenges of Libya’s economic growth and the improvement in the incomes and livelihood of its people.
The world will continue to be dependent on fossil fuels for the next few decades. Oil reserves in Libya are the largest in Africa and the Fifth largest in the world with 76.4 billion barrels (12.15×109 m3) as of 2010. Oil production was 1.8 million barrels per day as of 2010, giving Libya 77 years of reserves at current production rates if no new reserves were to be found. Libya is considered a highly attractive oil area due to its low cost of oil production (as low as $1 per/bar at some fields). The proper utilisation of these resources will have a direct impact on the world’s energy supplies.
At the same time, Libya must ensure that it uses its resources wisely and efficiently. The highest international energy industry standards and practices must be sustained; laws and regulations governing the industry must be fair, clear and effective; the involvement of the Libyan and foreign private sectors in the development of the sector should be actively encouraged. Highly qualified Libyan companies must be encouraged and supported to form partnerships with foreign private expert companies to ensure transfer of knowledge and know how to local talent and workforce. Libya must also develop strategic visions for the growth of downstream oil and gas industries including refineries, petrochemicals and other energy-intensive industries.
The encouragement of private sector involvement in power production, water supply and treatment and infrastructure development should also be an important consideration for the country’s overall development and reconstruction.
The challenges and opportunities for Libya in general and for the energy sector in particular are immense. IPS mission is to assist in development of Libya’s energy sectors through the sourcing of high quality products and materials, the organisation of industry conferences and the provision of policy advise and services to both the Libyan and foreign private and public sectors. IPS will do so in a professional, unbiased and effective manner. IPS seeks to become the principal supplier of first class goods and services to the Energy Sector in LIBYA.