Libya is set to revolutionize its oil and gas industry with an ambitious $18 billion investment in 45 projects, as announced by Farhat Bengdara, the head of the Libyan National Oil Corporation.
Currently, Libya’s oil production is ABOUT 1.25 million barrels per day, with potential projections reaching 3.4 million barrels per day, a figure last seen in the 1970s.
During the International Energy Week in London, Bengdara highlighted that only 25% of the capacity of the pipeline exporting natural gas from Libya to Italy is currently being utilized.
This underutilization presents a significant opportunity for growth and expansion in the sector.
The planned projects are a part of Libya’s strategic efforts to boost its oil output to 2 million barrels per day within the next three to five years.
This substantial increase in production capacity is expected to position Libya as a key player in the global oil market.
Furthermore, Bengdara revealed plans for an upcoming tender round aimed at granting oil exploration rights by the end of this year or early next year.
This initiative has already attracted interest from major international oil companies, signaling strong confidence in Libya’s oil and gas sector.
In addition to bolstering its traditional energy resources, the Libyan National Oil Corporation is exploring solar energy production in collaboration with partners.
This venture aims not only to meet local energy needs but also to potentially export green energy to Europe, aligning with global trends towards sustainable and renewable energy sources.
Libya’s proactive approach in expanding its energy portfolio through substantial investments and international collaborations marks a significant step towards economic recovery and sustainable development, promising a brighter future for the nation’s energy sector.
