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.