2024-04-25 20:06:56
The Minister of Oil and Gas in the National Unity Government, Khalifa Abdel-Sadiq, said, “Libya expects to allocate investments worth $17 billion in the energy sector with the aim of increasing oil production to two million barrels per day, with part of these investments being to develop and rehabilitate oil-producing fields.” And reopening closed wells.”
Al-Sadiq added in an interview with Sky News, on the sidelines of the spring meetings of the International Monetary Fund and the World Bank, “The country aims to increase oil production to 1.4 million barrels per day by the end of 2024, from 1.2 million barrels currently, according to an ambitious plan announced by the National Oil Corporation.”
He pointed out that “the plan aims to increase production to about two million barrels by the end of the plan after 3 years.”
Al-Sadiq added, “The other and largest part of the investment will be used to develop the discovered fields, the production of which may reach 100 thousand barrels per day, such as the North Gallo field and others, in addition to providing the opportunity for private local companies to develop marginal oil fields.”
Regarding the gas sector, Al-Sadiq confirmed that “Libya signed an agreement with the Italian company Eni to develop two gas fields in the west of the country,” expecting that “the volume of investments to develop the two fields will reach about 8 billion dollars, with daily production reaching about 720 million cubic feet.” of gas, by 2028.”
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2024-04-25 20:06:56