Libya plans to increase oil output, expand energy sources
Date
2/28/2024 3:23:55 AM
(MENAFN) During the International energy Week activities in London on Tuesday, Farhat Ben Qaddara, the head of Libya's National Oil Corporation, revealed that the country's current oil production stands at around 1.25 million barrels per day. However, he expressed optimism that Libya has the potential to significantly increase its output to reach levels comparable to those achieved in the 1970s, targeting a production rate of 3.4 million barrels per day.
Ben Qaddara outlined Libya's ambitious plans to boost oil production, aiming to reach a target of two million barrels per day within the next three to five years. He highlighted that despite the current production levels, only 25 percent of the capacity of the pipeline used to export natural gas from Libya to Italy is currently being utilized.
Furthermore, Ben Qaddara announced Libya's intention to hold a tender round for granting oil exploration rights towards the end of the current year or early next year. He expressed optimism regarding the participation of major international companies in this upcoming round, signaling potential opportunities for investment and exploration in Libya's oil sector.
In addition to focusing on traditional oil production, Ben Qaddara disclosed that the National Oil Corporation is exploring the possibility of diversifying Libya's energy sources. Specifically, they are studying the feasibility of producing solar energy in collaboration with partners, with the aim of meeting local energy needs and potentially exporting surplus energy to Europe. This initiative reflects Libya's commitment to exploring alternative energy options and reducing dependence on traditional fossil fuels.
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