The Libyan Minister of Oil and Gas, Mohammed Oun, revealed Libya’s intention to increase oil and gas production in the long term, pointing to the extent of the challenges and needs that hinder the development of this vital sector for the national economy.
The energy platform made an interview with the minister on the sidelines of the 12th Arab energy conference organized by the Organization of Arab Petroleum Exporting Countries in the Qatari capital, Doha, tackling a number of important issues related to the oil and gas sector in Libya.
Oun expressed Libya’s desire to increase oil production to about two million barrels per day, noting that Libya needs 3 to 5 years to achieve this goal, stressing that success in this requires effective project management characterized by efficiency, experience, and transparency.
He touched on the technical challenges facing the materialization of this plan, noting the necessity of providing appropriate competencies and experience in the field of engineering to complete projects quickly and transparently, and pointed out that the Algerian company Sonatrach is the only company that has entered the oil and gas sector in Libya.
Oun announced plans for an exploratory activity during the year 2024 that will provide opportunities for Arab and foreign companies to invest in the exploration and production sector in Libya.
Regarding the talks with Saudi Aramco, he explained that no official talks had been initiated, but a letter was sent to the Saudi Minister of Energy to express Libya’s desire to visit the Kingdom and discuss possible cooperation in the oil and gas sector, stressing that public bidding in Libya will be open for Arab and foreign companies in 2024.
According to what the minister said in the interview, the Ministry of Oil has inherent powers in accordance with the laws related to the oil sector, such as the Oil Law of 1955, stressing that any change, abandonment or modification of the agreements requires the approval of the Ministry of Oil and Gas.
