Libyan Minister of Oil and Gas, Mohamed Aoun confirmed that Libya imports most of its domestic oil needs. He said that the Zawiya, Tobruk, and Sarir refineries produce about 20-25% of Libya’s total oil consumption.
This was during an interview with the Saudi “Al Ekhbariya” TV channel, on the sidelines of his participation in the Abu Dhabi Sustainability Week. Aoun said that the Ministry of Oil “encourages Arab investments wishing to work in Libya. The ministry is authorized to allocate the quantities of oil and gas that are refined in Libya.”
He indicated that oil production in Libya has been witnessing, since July 2022, “a state of stability at about 1.2 million barrels of crude oil per day and about 2.6 billion cubic feet of gas, most of which is consumed within the country, with part being exported to Italy through the sea.”
Aoun indicated that the National Oil Corporation (NOC) plans to increase production to 2 million barrels within three years, but this requires time and effort.
He stressed that “Libya needs to invest in oil refineries and petrochemicals. 30-40% of Libya’s land and seas have not yet been explored, so exploration tours must be supported. Especially now, in light of the world’s trend towards reducing emissions and using fossil fuels.”
He added that Libya must “exploit the quantities of crude oil it has, before it is forced to sell it at low prices or completely dispense with it.”
Aoun pointed out that “if Libya was given the opportunity for full stability, it could contribute to resolving the global energy crisis.” He explained that Libya has large deposits and large oil and gas discoveries that have not been developed. “If Libya begins to develop it according to the ministry’s vision, it will achieve results on the ground within two to three years.”