Oil Minister: Libya Plans to Increase Exports to 2 Million BPD

Libyan Oil Minister, Mohamed Aoun
Libyan Oil Minister, Mohamed Aoun

Libyan Oil Minister, Mohamed Aoun said that Libya plans to increase oil production to 2 million barrels per day, within three years.

In press statements, Aoun expected that oil would gradually rise between 1.3 and 1.5 million barrels per day during 2023. He added that geological studies have proven the existence of large deposits of oil and gas in the Libyan economic waters in the Mediterranean.

The minister expressed his hope to reach “amicable solutions” to the maritime border demarcation crisis with neighbouring countries, especially Egypt.

Last month, Egyptian President Abdel Fattah El-Sisi issued a decree demarcating the country’s western maritime borders with Libya.

The Libyan Parliament and the government have denounced the step.

The Parliament-designated Prime Minister, Fathi Bashagha called on the governments of “neighbouring and friendly” countries of Egypt, Turkey, and Greece not to take any unilateral steps regarding defining and demarcating maritime borders. He stressed that the demarcation of the maritime borders at this time “would increase tensions, and exacerbate the situation in the Mediterranean region.”

The Foreign Ministry of the Tripoli-based Government of National Unity (GNU) also announced its rejection of Egypt’s decision.

It said in a statement that the decision was “unfair, and violates the principles of good faith. The Ministry of Foreign Affairs alerts that this dispute may be referred to peaceful means of settlement under Article 33 of the Charter of the United Nations, including the International Court of Justice.”

The Ministry stressed that any demarcation of the maritime borders between the two countries “must take place through an agreement that guarantees the interests of both parties, and respects the principle of equality.” Additionally, it urged the Egyptian government to consider “launching talks on maritime borders with the GNU.”

On Saturday, Libya’s National Oil Corporation (NOC) announced that crude oil production reached 1.209 million barrels within 24 hours.