On Wednesday, Libya’s Minister of Oil and Gas, Mohamed Aoun stated that the government has set aside a budget to amplify the country’s oil and gas production.
He foresees the production scaling up from the current 1.2 million barrels per day, to 2 million barrels per day within 3-5 years.
Aoun specified that “international companies engaged in Libya’s production will be instrumental in attaining these goals, as the investment ventures are a collaboration between Libya and foreign partners.”
In connection to the investment opportunities in Libya’s oil sector and elevating domestic production, Aoun assured that the government is “devoted to establishing a favourable and inviting investment climate for foreign investors.”
Meanwhile, Farhat Bengdara, the Head of the Libyan National Oil Corporation (NOC), and Al-Siddiq Al-Kabir, the Governor of the Central Bank of Libya (CBL), held a meeting to discuss the NOC’s plans to boost production.
This meeting is part of an ongoing initiative to back efforts in increasing oil and gas production, and ensuring stability.
A statement from the CBL disclosed that Bengdara had informed Prime Minister Abdel-Hamid Dbaiba about the strategic plan to boost production, as well as the planned actions as per the allocated budget.
Libya’s strategic location in North Africa and vast oil reserves have made it a significant player in the global oil industry. The country’s oil sector is the backbone of the Libyan economy, providing a majority of its revenue and foreign exchange earnings.
However, oil production has been impacted severely over the past decade due to political instability, security issues, and infrastructural challenges. The fall of Muammar Gaddafi’s regime in 2011 led to a power vacuum, with various factions vying for control, resulting in a tumultuous political landscape and adverse effects on production.
The involvement of foreign companies in production highlights the international interest in Libya’s oil industry, and its significant role in the global energy market. Furthermore, this collaboration underscores the necessity for foreign investment to assist in advancing Libya’s oil and gas production infrastructure.