Libya is seeking to restore its shares in the global oil and gas markets, after establishing production stability at 1.2 million barrels per day, announced Undersecretary of the Libyan Oil Ministry, Refaat Mohammad al-Abbar.
Speaking to Asharq Al-Awsat, Abbar indicated that the country is currently seeking to protect its shares in the global oil market and benefit from the price recovery.
The official noted that political disagreements delayed the necessary approvals for the sector's budgets, causing losses in billions.
Oil prices are currently trading above $80 per barrel, an over 60 percent increase since the beginning of the year, while gas prices have jumped more than 800 percent.
Libya is a member of OPEC and constantly cooperates with member states to achieve market stability, said the minister, adding that it seeks to be part of the solution of the global energy crisis and high prices, which affect producers in the long term, even if prices are recovering.
He announced that Libya aims to produce more than two million barrels per day during the following year and four million barrels per day in 2025, noting that these targets need about $12 billion in development, maintenance, and rehabilitation operations.
The official said the oil sector's major challenges are obtaining finances to pay the debts, carrying out maintenance, and reaching production targets.
“We are working with the National Oil Corporation to develop the productivity of the fields,” he stated, adding that the Ministry aims to maintain the stability of exports.
Moreover, the ministry wants to hold international oil and gas conferences during the coming period in Tripoli and Texas, the US, to attract foreign investments to the Libyan oil sector.
“We are making great efforts to overcome obstacles and attract foreign investments, which will certainly contribute to consolidating stability in the country and enhancing the efforts of the oil and gas sector to achieve production targets, develop reserves and create job opportunities,” stressed Abbar.
