Within the next three years, Libya intends to increase its daily production of petrol and oil to two million barrels. Masoud Sulaiman, the National Oil Corporation’s (NOC) acting chairman, stressed that obtaining the required funds is essential to reaching this goal.
At the moment, Libya produces about 1.41 million barrels of oil per day. The nation needs to invest $3–4 billion to meet the target of 2 million barrels per day.
Khalifa Abdulsadek, acting minister of oil and gas, emphasised the country’s significant reliance on oil, which powers more than 95% of its economic activities.
He also revealed plans for a fresh round of licence bidding that will involve 15 to 21 blocks and cover three geological basins. It is anticipated that the cabinet will approve the proposals before the end of January.
Additionally, the NOC is working to develop the regional petrochemical sector and improve refining capacities to satisfy demand from both home and foreign markets. It is believed that promoting private sector involvement is essential to the growth of the oil and gas sector.
