Libya to target producing 1.4 million b/d by end 2024

In an interview with Sky News Arabia, the Libyan acting Minister of Oil and Gas, Khalifa Abdel-Sadiq, said that his country aims to increase its oil production from 1.2 million b/d currently to 1.4 million b/d by the end of 2024, according to a plan announced by the Libyan National Oil Corporation. He added that the plan aims to increase production to about two million b/d by the end of the plan after 3 years.

The minister said that Libya expects to allocate $17 billion investments in the energy sector with the aim of increasing oil production to two million barrels per day, with part of these investments being to develop and rehabilitate oil-producing fields, and reopen closed wells.

He added that the other and largest part of the investment will be used to develop the discovered fields, the production of which may reach 100 thousand b/d, such as the “North Gallo” field and others, while providing the opportunity for private local companies to develop marginal oil fields.

Regarding the gas sector, the minister confirmed that Libya had signed an agreement with the Italian company “Eni” to develop two gas fields in the west of the country, and he expected that the volume of investments to develop the two fields would reach about 8 billion dollars, and that daily production would reach about 720 million cubic feet of gas, by 2028.

The National Oil Corporation in Libya recently announced that the Sirte Oil and Gas Production and Manufacturing Company had made an “important discovery in the fields of gas and condensates” in an exploratory field southeast of the Al-Lahib field.

During February 2024, the head of the National Oil Corporation in Libya, Farhat Bin Qaddara, announced that the corporation has 45 projects that will cost $17-18 billion. He added that a round of bidding will be held at the end of this year or the beginning of next year, and there are encouraging signs from major companies to participate in it.

Qaddara added: “We are studying the production of solar energy in cooperation with partners for local use and perhaps for export to Europe.” He pointed out that the corporation now produces about 1.25 million b/d, while it was producing 3.4 million b/d in the 1970s, stressing that it is possible to return to achieving these numbers.