Libya’s Minister of Gas and Oil Mohamed Aoun said on Monday that the country is seeking to increase oil and gas production in the country over the next five years,
“We plan to increase oil production to 2.1 million barrels per day and natural gas production to about 4 million cubic feet per day over the next five years,” Aoun announced at the Libya Energy and Economic Summit 2021 held in the capital Tripoli.
“We encourage the investment and good use of the oil wealth,” the minister added.
The Summit, representing the first large-scale international event to take place in Libya in over a decade, featured a presentation by Eni’s Natural Resources General Director and COO, Alessandro Puliti, who highlighted the company’s efforts in exploring new frontier areas within Libya’s energy sector, particularly in its offshore regions and its devotion to contributing to the alleviation of energy poverty through its commitment to development and exploration activities.
Aoun said that Libya also seeks to increase refinery capability and make use of alternative energies, in addition to making regional cooperation and investment a priority.
Oil and gas represent one major source of Libya’s revenue. However, the sector has suffered over the past years from armed conflict and closures of oil fields and ports.
Eni has invested over $10 billion to date into the development and exploration of Libya’s abundant natural resources and has historically maintained its commitment to the prosperity of Libya.