Minister of Oil and Gas in the National Unity Government, Mohamed Aoun, outlined the need for 3 to 5 years to reach a daily oil production of 2 million barrels in Libya. He encouraged Russian companies to participate in upcoming exploration projects by the National Oil Corporation, with bidding opportunities expected in 2024.
The current oil production in Libya for 2023 stands at approximately 1.2 million barrels of crude oil per day, and the Ministry of Oil and Gas plans to gradually increase production in 2024. Minister Aoun emphasized the importance of transparency, competency, and experience in achieving this goal.
Regarding the impact of the OPEC+ decision to reduce production by over a million barrels per day, Aoun stated that Libya is not significantly affected, emphasizing that OPEC’s goal is to maintain market balance between supply and demand.
Addressing the memorandum of understanding signed between Egypt and South Korea for the establishment of an oil export line from Libya to Europe through the port of Gerga, west of Egypt, near the Libyan border, Minister Aoun highlighted Libya’s seven existing ports for oil, gas, petrochemicals, and gas condensates export. He stated that Libya does not require additional export routes.
On discussions or negotiations with Russian companies on oil or gas projects in Libya, Aoun clarified that the Ministry of Oil and Gas has not engaged in any discussions or negotiations with Russian companies in Libya. Previous discussions with Russian officials aimed to encourage investment in Libya’s oil and gas sector.