Creating new perspectives since 2009

Libya sets sight on new oil, gas discoveries to fuel growth

January 14, 2024 at 12:47 pm

Shows an oil refinery in Libya’s northern town of Ras Lanuf. [Photo by -/AFP via Getty Images]

Libya’s Oil and Gas Minister Mohamed Oun -to the untapped wealth of opportunities within Libya on Saturday and vowed to discover “new oil and gas fields,” Anadolu Agency reports.

His remarks came at the Libya Energy & Economic Summit 2024 in the capital city of Tripoli, organized by Energy Capital & Power (ECP) under the theme: A New Libya: Built on Energy.

Oun said the summit reveals the country’s determination in stabilization, signaling a turning point for a country that has faced years of political and economic upheaval.

He underscored the enduring importance of fossil fuels and pointed to the untapped wealth of opportunities within the borders.

“We still have fields yet to be explored, including those in the Mediterranean and central regions, where new oil and gas fields will be discovered,” he said, highlighting Libya’s potential for growth in the energy sector.

Farhat Omar Bengdara, chairman of the National Oil Corporation (NOC), emphasized the organization’s pivotal role since its establishment in 1970 in bolstering the national economy through the development of oil reserves.

He noted that NOC’s efforts have not only increased revenues but fostered strategic relationships with international partners, contributing to the energy supply to European countries and reinforcing global energy security.

Bengdara acknowledged the substantial challenges facing the oil and gas industry and the necessity for collaborative partnerships.

He outlined an ambitious strategy to reposition Libya as a leading energy producer.

“Governments, the private sector, and international bodies, including the Board of Directors of the National Oil Corporation, with the help of global think tanks, have developed an ambitious strategy built on relevant global trends in the energy field,” said Bengdara.

The strategy, he said, is designed to return Libya to its former status as a prominent energy-producing country, supporting sustainable economic development and aiming to achieve a production capacity of 2 million barrels per day.

It also focuses on developing the basis for discovering and producing gas and oil, and reviving neglected oil industries.

READ: Libya National Oil Corporation has declared cut on the country’s largest oil field