https://en.sputniknews.africa/20250119/libya-to-boost-oil-production-to-16-mln-bpd-with-3-4-bln-investment-by-2026-oil-minister-says-1070250608.html
Libya to Boost Oil Production to 1.6 Mln BPD With $3-4 Bln Investment by 2026, Oil Minister Says
Libya to Boost Oil Production to 1.6 Mln BPD With $3-4 Bln Investment by 2026, Oil Minister Says
Sputnik Africa
Libya has increased its oil production from 800,000 BPD from 2021 to 1.4 million BPD by January 2025, Prime Minister of Libya Abdulhamid Al-Dbeibeh said at the... 19.01.2025, Sputnik Africa
2025-01-19T12:04+0100
2025-01-19T12:04+0100
2025-01-19T12:04+0100
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While Libya aims to increase oil production to 2 million barrels per day (BPD) in the next two to three years, Libyan Oil and Gas Minister Khalifa Abdulsadeq outlined a strategy at the Libyan Energy and Economic Summit (LEES) in Tripoli to reach 1.6 million BPD by the end of 2025, through brownfield development, local and foreign investment of $3-4 billion, and a new licensing round, laying the groundwork for longer-term growth. A new licensing round for 15-21 oil blocks across three basins is expected to be approved by the cabinet this month, offering opportunities for both local and international companies, the Libyan minister noted. Libya, with its strategic position and abundant resources, has the potential to be a leader in global energy development, the minister stated in a keynote address.
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economy, libya, north africa, investment, oil, gas, production, development, energy
economy, libya, north africa, investment, oil, gas, production, development, energy
Libya to Boost Oil Production to 1.6 Mln BPD With $3-4 Bln Investment by 2026, Oil Minister Says
Elizaveta Roschina
Writer/Editor
Libya has increased its oil production from 800,000 BPD from 2021 to 1.4 million BPD by January 2025, Prime Minister of Libya Abdulhamid Al-Dbeibeh said at the launch of the Libyan Energy and Economic Summit held in Tripoli on Saturday and Sunday.
While Libya aims to
increase oil production to
2 million barrels per day (BPD) in the next two to three years, Libyan Oil and Gas Minister Khalifa Abdulsadeq outlined a strategy at the Libyan Energy and Economic Summit (LEES) in Tripoli to reach
1.6 million BPD by the end of 2025, through brownfield development, local and foreign
investment of $3-4 billion, and a new licensing round, laying the groundwork for longer-term growth.
"There is momentum in reconstruction and this can only be achieved by increasing the production," Abdulsadek told reporters on the sidelines of the LEES.
A new licensing round for 15-21 oil blocks across three basins is expected to be approved by the cabinet this month, offering opportunities for both local and international companies, the Libyan minister noted.
"There are massive opportunities here, massive fields that have been discovered, but a lot of fields have fallen between the cracks. […] We want to make sure local oil companies take part. We also want to leverage the upcoming licensing round to support our planned growth in the oil sector" Abdulsadek stated at the panel Global Energy Alliance – Uniting for a Secure and Sustainable Energy Future of the LEES.
Libya, with its strategic position and abundant resources, has the potential to be a leader in global energy development, the minister stated in a keynote address.
