The report noted that major oil companies are returning to Libya after nearly two decades away. This renewed interest comes as North African oil becomes more attractive amid instability in the Strait of Hormuz.
According to the report, authorities in both eastern and western Libya now share a common goal: maximizing energy revenues. This cooperation is emerging despite ongoing tensions between the two sides. The goal has become more attainable due to disruptions in the Strait of Hormuz, through which about one-fifth of the world’s supply of oil and liquefied natural gas passes.