(MENAFN) The head of Libya's National Oil Corporation has announced ambitious projections for the country's oil production, aiming to exceed 1.5 million barrels per day by the end of 2025 and subsequently reach two million barrels within the following three years. Farhat Bin Qadara, the head of the corporation, conveyed these objectives during a meeting of the Supreme Council for Energy and Water Affairs at the Oil Corporation's office, chaired by Prime Minister Abdul Hamid Al-Dabaiba.
Oil production serves as the cornerstone of Libya's economy, contributing approximately 90 percent of its economic activity. Presently, the nation's oil production stands at 1.22 million barrels per day. Bin Qadara emphasized that achieving these ambitious targets hinges on the diligent oversight and financial scrutiny of ongoing projects to ensure optimal productivity.
Prime Minister Al-Dabaiba echoed the importance of closely monitoring the plan aimed at increasing oil production, emphasizing the imperative of adhering to designated timelines to achieve the target of two million barrels per day. This concerted effort reflects Libya's strategic focus on leveraging its significant oil reserves to bolster economic growth and stability.
The announcement underscores Libya's commitment to revitalizing its oil sector and maximizing its potential as a key player in the global energy market. With concerted efforts and effective management, Libya aims to harness its oil resources to drive economic development and diversification, positioning itself for sustainable growth and prosperity in the years ahead.
MENAFN19032024000045015682ID1107994668
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.