The Libyan Minister of Oil and Gas, Mohamed Aoun has ruled out increasing gas exports to Europe at the present time, stating that this could be considered after five years.
He confirmed that the export of gas to Europe, via Italy through the Green Stream line has not stopped.
This came during his participation in the eighth international OPEC conference in Vienna.
Aoun said that Libya has drawn up a short-term strategic plan for the oil and gas sector, aiming to raise its oil production to two million barrels per day. He explained that the plan includes developing newly discovered fields and raising the production capacity of the current fields. In addition to developing the infrastructure that was damaged.
He pointed out that the National Oil Corporation’s (NOC) plan works to “overcome the obstacles and challenges facing the sector in Libya and focuses on many axes. It includes structuring the oil and gas sector for the Corporation and its subsidiaries.”
Aoun stated that the plan “also aims to address environmental problems, climate change, and reduce carbon emissions. This will be done by stopping burning gas from oil fields and in oil operations, and focusing on producing electricity from renewable energy sources.
He expected that the increase in demand in the global market would lead to “achieving balance in the market and push oil prices to rise during the period between the third quarter of 2023, and the first quarter of 2024.”
In May 2022, Aoun denied Europe’s request from Libya to increase oil supplies to meet market needs, coinciding with the energy crisis and tension with Russia.
Aoun said in press remarks to Russia’s Sputnik agency that Libya is unable to increase production of oil and gas for five years at least.
“The existing capabilities do not allow us for an increase in production,” he explained.
“Libya is unable, at present, to become an alternative to Russian oil for the European Union. Perhaps this will be achieved within five or seven years,” the minister replied to a question from the Russian RIA Novosti Agency in April.
Aoun has said earlier that Libya does not have the ability now to export oil to Europe via the Green Stream line. He explained that current production rates are based on the consumption of power stations and others in Libya.
“I do not think in the near future, that we will have the ability to increase any quantities of gas for export. I do not think that it will be in the effective quantities that can resolve the shortage crisis in the European Union.”
