Wed. Jul 24th, 2024

The Director of the Petroleum and Gas Department at the Libyan National Oil Corporation, Mahboub Drader, announced ambitious plans to increase oil production to two million barrels per day.

Dreder pointed out that achieving this goal requires major upgrades and comprehensive maintenance of the Libyan oil infrastructure, including pipelines and tanks.

He also explained that the Libyan government has allocated billions of dollars to strengthen the oil and gas industry, with the aim of improving operational and production capabilities, adding that the challenges facing Libya include the reluctance of European companies to invest due to some difficult conditions, stressing that all investment operations are carried out in accordance with approved international regulations.

Dreder pointed to the possibility of regional cooperation to achieve future oil production goals in Libya, by taking advantage of the capabilities available in Tunisia to build oil tanks and perform the necessary maintenance.

Since the beginning of 2023, the International Monetary Fund mission had expected hydrocarbon production in Libya to grow by about 15%.

Oil production increased from one million barrels per day in 2022 to about 1.2 million barrels per day in 2023.

Libya aims to increase oil production by about 8% by December 2023, bringing production to the highest level in more than a decade.

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