Libya is setting ambitious plans to double its natural gas production to 4 billion cubic feet per day within the next four to five years, according to Reuters.
The move comes as part of a broader strategy to enhance the country’s energy sector and capitalize on its natural resources.
In a significant step towards achieving this goal, the Libyan state-owned company Sirte Oil and Gas Production Company made a notable discovery in April. The discovery, located southeast of the Al-Lahib field, includes gas and condensate reserves.
According to test results, the newly discovered well has the potential to produce approximately 16.8 million cubic feet of natural gas per day, along with 626 barrels of oil. This discovery is seen as a key component in Libya’s strategy to ramp up its gas production and support the country’s economy, which heavily relies on energy exports.
The discovery comes at a critical time for Libya, as the country seeks to recover from years of instability and to attract more foreign investment in its energy sector. By increasing its gas production, Libya aims to strengthen its position as a key player in the global energy market and reduce its dependence on oil revenues.
With these developments, Libya hopes to secure its energy future, boost its economy, and contribute to global energy supplies in the years to come.
