Libya’s Acting Minister of Oil and Gas, Khalifa Abdulsadek, announced that the Italian company Eni has been granted rights for oil and gas development and extraction in the Hammada field.
In an Interview CNBC Arabia, the newly assigned minister said Eni will lead a consortium of companies in developing the field, pending approval from the National Oil Corporation and the Supreme Council of Energy.
Abdulsadek added that the confirmed gas reserves in the Hammadah field are estimated at around 22 trillion cubic feet, with minimal oil reserves currently. He expressed optimism that gas reserves would increase soon.
He noted that current oil production exceeds 1.2 million barrels per day, expected to reach 1.4 million by year-end and 2 million within three years. Oil represents nearly 95% of Libya’s income source.
“Plans for a public bidding round are set for the last quarter of this year, marking a significant investment opportunity in Libya’s oil sector, unprecedented in over 15 years,” he said.
The minister highlighted invitations to global companies like UAE’S ADNOC, Saudi Arabia’s ARAMCO, and Algeria’s SONATRACH, encouraging investment in Libya’s oil and gas sector.
He praised the Libyan government and army for securing fields and aiding strategic partners to continue operations in Libya.
In March, GNU’s Prime Minister, Abdelhamid Dbaiba assigned Abdulsadek, the then-Deputy Minister of Oil, to carry out the ministry’s duties after the Administrative Control Authority announced the suspension of Aoun. This was due to accusations of “violations” resulting in the infringement of Libya’s rights through the concession of oil privileges to foreign companies.
Mohamed Aoun, the suspended Minister of Oil and Gas in the Libyan Government of National Unity (GNU), denied reports alleging that he is under house arrest in Tripoli by armed militias loyal to Prime Minister Abdelhamid Dbaiba. Aoun confirmed in a telephone interview with “Asharq Al-Awsat” that he is at his home in Tripoli and not subjected to any security surveillance or harassment.
He mentioned that his statements were taken during an investigation conducted by a member of the Administrative Control Authority.
