2024-04-18 22:58:20
The Libyan Minister of Oil and Gas in charge of the National Unity Government, Khalifa Abdel-Sadiq, said, “Libya plans to increase its oil production to two million barrels per day by the next three years, and for this purpose has allocated investments amounting to $17 billion.”
Al-Sadiq added in an interview with the “Eqtisad Al-Sharq” website on the sidelines of the spring meetings of the International Monetary Fund and the World Bank: “Current oil production reaches 1.2 million barrels per day, and the country is betting on raising it to 1.4 million barrels per day by the end of the year.”
Regarding revenues, Al-Sadiq indicated, “The country achieved $6 billion in the first quarter of the year,” indicating “its expectation that revenues will increase with increased production if oil prices remain at first-quarter levels.”
He added: “To maintain production at its current levels, a budget estimated at approximately $10 billion has been allocated during the current and next year. This money is divided into two parts. The first part aims to develop the existing fields and carry out periodic maintenance on them, in addition to drilling more wells. The first part aims to develop the existing fields and carry out periodic maintenance on them, in addition to drilling more wells. The second will be allocated to maintain the necessary infrastructure for the oil sector.”
He pointed out that “gas production in the country reached 2.5 billion cubic feet per day,” noting that
“The goal in the coming years is to reach a production of 4 billion cubic feet of gas per day.”
The OPEC report issued last March showed that the production of Libya, a member of the organization, increased by about 144 thousand barrels per day.
Last updated: April 18, 2024 – 08:16
Suggest a correction
2024-04-18 22:58:20