Libya targets $4b investment to boost oil output

Libya requires $3-4 billion to increase its oil production to 1.6 million barrels per day (bpd), Acting Oil and Gas Minister Khalifa Abdulsadek stated at the Libya Energy and Economy Summit in Tripoli. A new oil and gas license bidding round is expected to receive cabinet approval by the end of January.

The country, heavily reliant on oil for over 95 per cent of its economic output, currently produces 1.41 million bpd, according to the National Oil Corporation (NOC). Libya’s production peaked at 1.6 million bpd before the 2011 uprising that ousted Muammar Gaddafi.

Abdulsadek emphasised the strategic importance of exploration to maintain and expand output, targeting 2 million bpd in the future. The upcoming bidding round will span Libya’s key basins – Sirte, Murzuq, Ghadames – and offshore areas, covering 15 to 21 blocks.

Libya’s last exploration round occurred 17 years ago, with much of the country’s land and waters remaining untapped. The bidding date will be announced once the government of national unity approves the plan. Abdulsadek noted that the funding would support both capacity expansion and sustaining current production rates.

NOC leadership saw recent changes, with Masoud Sulaiman replacing Farhat Bengdara, who resigned on Thursday.

Attribution: Reuters

Subediting: M. S. Salama