Libya’s Oil and Gas Minister, Mohamed Aoun participated in the closing day of the global seminar organised by the Organisation of Petroleum Exporting Countries (OPEC) in Vienna, Austria.
Taking place on 5-6 July, the seminar discussed the strategies and visions of participating countries concerning investments and financing in the oil and gas industry. Special attention was given to the industry’s development in African countries, and the key issues of environmental protection and climate change.
Interactive ministerial sessions were held during the seminar, where Aoun, along with the oil ministers of Iraq, Iran, and Kuwait, detailed their vision and strategy for Libya’s future in the oil and gas sector.
Moreover, Aoun had fruitful discussions with the Nigerian Energy Minister, and the Executive Director of the Nigerian Petroleum Corporation about the potential benefits of Nigeria’s oil refining capabilities. As well as the possibility of transporting gas from Nigeria to Europe, via Libyan territories.
Aoun held several bilateral meetings with the Austrian company OMV and the Gas Exporting Countries Forum, highlighting the prospects of shale oil and gas.
On Saturday, Aoun, revealed that the country plans to extend invitations to international companies to conduct seismic surveys across Libyan territory, and maritime boundaries in the upcoming year.
In press statements, Aoun hinted that Turkish companies might enjoy preferential status, in comparison to their counterparts from Italy, Norway, and the United States. This is primarily attributed to the existing infrastructure and the technical apparatus that Turkish corporations possess, which are vital for exploring and excavating traditional energy sources.
In the context of Europe’s increasing requirement for traditional energy sources, especially natural gas, the Minister stressed Libya’s potential to fulfil this escalating demand. “We are the nearest and fastest to bolster Europe with oil and gas,” he stated.
He noted Europe’s need for alternatives, following a decrease in their supply from Russia. “We currently export 300 million cubic feet of gas daily and have embarked on escalating our crude oil exports to Europe. Every additional barrel to our daily production is destined for Europe,” he elaborated.
Furthermore, Aoun divulged plans to amplify Libya’s oil production in the upcoming years. “We are committed to raising our oil output in the future, with the goal of reaching an average daily production of two million barrels, within a span of 3 to 5 years,” he said. This signifies a considerable leap from the present daily production average ranging between, 1.2-1.3 million barrels.
