Libya Aims to Boost Oil Production with $3-4 Billion Investment
Khalifa Abdulsadek, Libya’s acting oil minister, has revealed that the country is seeking an investment of between $3 and $4 billion to increase its oil production to levels seen before the 2011 conflict, targeting 1.6 million barrels per day (bpd). Currently, Libya produces 1.4 million bpd of oil, making it a significant player in the global oil market.
Speaking at the prestigious Libya Energy and Economy Summit, Abdulsadek outlined plans for a new oil and gas bidding round, which is anticipated to receive approval by the end of January. This bidding round will encompass key basins such as Sirte, Murzuq, and Ghadames, along with marine areas, marking the first such initiative in Libya in 17 years.
Abdulsadek emphasized the importance of exploration in offsetting production losses and ensuring sustainable economic growth. With oil accounting for over 95% of Libya’s economic output, the need to preserve and expand production capacity is paramount for the nation’s economic stability and growth.
The upcoming bidding round presents an opportunity for international investors and energy companies to participate in Libya’s oil and gas sector, contributing to the country’s economic development and energy security. The successful implementation of these initiatives is crucial for Libya to regain its position as a major player in the global oil market.
Source: Reuters
