The Italian Prime Minister Mario Draghi said during his visit to the White House that Libya could be a huge resource for gas and oil for Europe, as the US President Joe Biden is interested because identifying different suppliers means helping Europeans break free from dependence on Russian energy.
According to Draghi, Libya’s potential production of crude oil exceeds one million barrels per day, but production has currently decreased due to internal instability, while the issue has now become more sensitive if it is placed in a context in which Africa is identified from many European countries as a solution to get rid of Russian dependency. The other side of the issue is related to natural gas.
The Italian Ambassador to Libya, Giuseppe Buccino, said during the “Focus on the Mediterranean Libya” round table organized by the Italian University of Lewis in mid-April that 65% of the gas extracted in western Libya towards the border with Tunisia is used by the Libyans and the rest goes to the Greenstream Pipeline.
Buccino added that the development of alternative energy routes could unlock more export rates in a market that has a potential of 30%.
This comes as Draghi government expected about two billion cubic meters of Libya within the framework of the Italian plan for liberation from Russia, a plan that has another significant impact in North Africa and a deep partnership with Algeria.
The institutional stalemate is also a very complicating factor. Italy, Europe and the United States have already requested the reopening of the oil wells, which is costing the country tens of millions of euros that will be necessary for investments for the Libyans.