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Libyan Oil Minister Urges International Companies to Invest in Oil Sector

November 20, 2022
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The Libyan Minister of Oil and Gas, Mohamed Aoun called on international companies to invest in the oil and gas sector in Libya. This came during his meeting with the Austrian Ambassador to Libya, Christoph Meyenburg.

The minister “gave an overview of the mechanisms of cooperation between Libya and Austria within the framework of the laws in force, especially in the oil and gas sector.”

Aoun also discussed prospects for investment in both on and offshore areas. He confirmed that the Libyan state still has vast swathes of land that have not yet been explored.

Ambassador Meyenburg affirmed that Vienna would assess the available opportunities, and added that he is ready to provide assistance for the benefit of the two countries.

Notably, a Spokesman for the Libyan Ministry of Oil and Gas, Ahmed Gomaa said that “Libya does not need to build a new gas pipeline to Greece and Egypt.” He pointed to the Greenstream pipeline, adding that it “effectively connects western Libya with the Italian island of Sicily, and delivers Libyan gas exports to the European Union.”

Gomaa explained that the ministry “does not see economic feasibility for this project,” and that “it is too early to talk about such projects, especially since current gas production in Libya is not enough to meet the country’s energy needs, let alone exports.”

“Since its establishment in the 1970’s, the National Oil Corporation (NOC) has been a technical arm of the ministry. All agreements and memorandums of understanding with foreign countries and internal projects are done through the ministry. What Farhat Bengdara did was just media statements,” in reference to the NOC Chairman. He added that “Bengdara himself confirmed at the end of his statements that the final decision for this project remains in the hands of the Ministry of Oil and Gas.”

The Spokesman explained that the MoU signed with Turkey, “did not stipulate a pipeline between the two countries.”

He added that “it is a general agreement to enhance cooperation in the field of energy on the basis of the principles of equality, mutual respect, and mutual benefits.” He said that such cooperation would “strengthen relations between the two countries, and develop existing relations in the field of hydrocarbons.”

Tags: AustrianChristoph MeyenburggasLibyan OilMohamed AounOil and Gas Minister
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