The Libyan Minister of Oil and Gas, Mohamed Aoun announced that Libya has joined the International Energy Forum (IEF), as of December 2022.
Libya will be the 72nd member, after the approval of the Executive Council of the IEF. The Forum includes more than 90% of the countries and organizations that work in the production, consumption, and marketing of oil and gas in the world.
The IEF is an inter-governmental, non-profit international organization that aims to foster greater mutual understanding and awareness of common energy interests among members. Members are signatories to the IEF Charter, which outlines the framework of the global energy dialogue, through this inter-governmental arrangement.
The IEF not only includes IEA and OPEC countries, but also key international actors such as Brazil, China, India, Mexico, Russia, and South Africa.
Last week, Libya’s National Oil Corporation (NOC) announced that crude oil production reached 1.230 million barrels per day.
In a statement, the NOC added that condensate production amounted to 57,000 barrels. It noted that the total domestic consumption of natural gas amounted to 1.7 billion cubic feet per day.
In November, Minister Aoun expressed his hopes that “oil production will return to 2010 levels.”
In press statements on the sidelines of the OPEC meeting in Kuwait, Aoun noted that Libya produces about 1.2 million barrels of oil per day.
He expressed his hope to raise production levels, and to return production to 2010 levels when Libya was producing 1.6 million barrels per day, “within two or three years.”
Aoun explained that he hopes that “Libya’s decision to lift the state of force majeure in the oil and gas exploration sector will encourage the return of foreign oil companies to the country.”
The NOC urged its foreign oil and gas partners to resume exploration and production, assuring them security had begun to improve after clashes earlier this year.
In a statement, it called on international oil and gas companies to lift the force majeure declared by them.
A force majeure is a legal measure allowing companies to free themselves from contractual obligations, in light of circumstances beyond their control.
The NOC said its appeal followed a “realistic and logical analysis of the security situation, which has begun to improve dramatically.” it expressed “readiness to provide all necessary support… along with providing a safe working environment in cooperation with the civil and military authorities.”