Libya plans to nearly double its oil production to two million barrels per day by 2027, according to the head of the National Oil Company (NOC).
Farhat Bengdara told Sky News Arabia that NOC is working to raise production to two million barrels per day within three to five years.
He noted that Libya currently produces about 1.2 million barrels per day and expects revenues of $35–$37 billion this year.
Despite holding Africa’s largest proven crude reserves, Libya has faced repeated shutdowns of exports and damage to its facilities since the 2011 NATO-backed revolt that toppled Moamer Kadhafi.
Bengdara said Libya needs about $4 billion in new investment to modernize pipelines, storage facilities, and other infrastructure.
Speaking at the ADIPEC energy conference in Abu Dhabi, Bengdara added that NOC expects to sign an $8 billion agreement with Italian company ENI by year’s end to develop gas fields in western Libya.
He confirmed that NOC, ENI, and Britain’s BP had agreed to start offshore gas exploration in the Mediterranean off western Libya.
In October, Libya’s Tripoli-based government signed a memorandum of understanding with Turkey to begin undersea gas exploration in zones designated by a 2019 agreement that angered European countries.
Greece, Cyprus, and Egypt argue that the 2019 deal infringes on their rights over an area thought to contain significant natural gas reserves.
A rival administration in eastern Libya also rejected the October agreement, claiming that the Tripoli-based government no longer has the authority to sign international deals.
source : www.daily-sun.com
African Energy Council