Libyan Minister of Oil and Gas, Mohamed Aoun highlighted Libya’s significant role in global energy production. In his speech at the twelfth edition of the Arab Energy Conference in Doha, Qatar, he emphasised ongoing efforts to enhance both fossil, and renewable energy sources.
He said Libya was focusing on the exploration of hydrogen production, as a means to transition towards sustainable energy and reduce emissions.
The conference addresses international developments in energy markets, and their implications for the Arab energy sector. Discussions encompass energy security, environmental challenges, and sustainable development.
Organised by the Organization of Arab Petroleum Exporting Countries (OAPEC), the conference draws the participation of ministers, Arab officials, and energy experts.
Qatari Energy Minister, Saad Al-Kaabi affirmed the necessity of recognizing that relying solely on renewable energy sources is not an exclusive solution.
He pointed out the intermittent nature of renewables, and the ongoing need for conversion products that rely on oil and gas derivatives.
Earlier, Aoun stated that current oil production will not be impacted by the recent OPEC+ decision to cut oil production by over a million barrels per day.
OPEC+ has reached a preliminary agreement to reduce oil production significantly. However, Aoun reassured that this decision would not affect Libya. He highlighted that OPEC and OPEC+ aim to maintain market balance, in terms of supply and demand.
Aoun also announced the National Oil Corporation’s (NOC) plan to launch an exploration tender in 2024, where Russian companies are expected to participate. This follows the discovery of a new oil field in Libya’s Ghadames Basin by the Russian company Tatneft, marking their third exploration success in the region.
Libya, holding Africa’s largest oil and gas reserves estimated at 48.4 billion barrels, has been producing about 1.2 million barrels of crude oil per day in 2023. The Ministry of Oil and Gas aims to gradually increase this production, with a target of reaching two million barrels per day within three to five years. This goal is tied to the availability of expertise, and transparency in operations.
Notably, Libya’s NOC is expected to achieve close to zero gas flaring by 2030, according to its Chairman, Farhat Bengdara
In a press conference at the COP28 summit, Bengdara added that the NOC is aiming for an 83% reduction in gas flaring by 2030.
Bengdara told Reuters that the company is moving towards increasing production capacity to two million barrels per day, within three to five years. He added that the company hopes to increase oil production by 100,000 barrels per day by the end of 2024.