Doha-Libya has, according to preliminary studies, a large stocks of natural gas that would make it one of the most important gas-producing countries in the world if these discoveries are confirmed and developed, Head of the Government of National Unity Abdul Hamid Al Dbeiba told a gas conference.
In his speech to the sixth Summit of the Gas Exporting Countries Forum held in The Qatari capital Doha on Tuesday, Al-Dabiba reviewed the major political transformations that Libya has undergone over the past 10 years and led, as he said, to armed conflict and political and security instability, which directly affected the infrastructure of the oil and gas sector, and often caused it to be completely disrupted.
‘Since the Government of National Unity took office, it has done its utmost to bring life back to this important sector with reform and development, Improving the general conditions associated with this, and succeeded with the help of God and thanks to the efforts of our sons and workers and the cooperation of partners, to overcome many obstacles, which positively reflected on production, He explained.
“We must do more to create real and important companies to develop the sector and use these revenues to move to sustainable and clean development, to contribute to the preservation of the environment in Libya, which God has given the oil and gas wealth, and for several decades has made it the leading producer and exporter of these energies in Africa and the Mediterranean basin,” Al Dbeiba told the conference.
‘Despite the start of oil production and export since the early 1960s in the last century, However, oil inventories in all discovered fields did not exceed 30 per cent of the total inventory and higher ratios could be produced using additional recovery techniques and supporting production and investment in these applications, he noted.
Al Dbeiba pointed out that ‘through exploration we can extract significant quantities of accompanying natural gas, in addition to the production of unaccompanied gas from gas fields discovered and developed in various sedimentary basins in all regions of Libya, where many new gas fields have been discovered, containing important and large supplements and we seek to develop these discoveries in partnership with some international companies by adopting a suitable partnership system to attract investment, and enter into lucrative partnerships for both parties to develop the rest of the discoveries in Land and the Sea.
He reiterated Libya’s commitment to contribute to reducing greenhouse gas emissions, as it has drawn up national plans to reach zero emission by burning gas, as well as among projects in the Ministry of Oil and Gas that have increased production rates and reduced carbon leaks as part of our future policy, and easy transport through pipelines for consumption in power generation, heavy industries and heating, which increases the importance of this fuel in the coming decades as the world shifts from reliance on burning fossil fuels to reliance on renewable energies such as water, solar and wind energy.
The Prime Minister went out to say ‘our countries face many and varied challenges in extracting oil and gas wealth and exploiting it optimally, to meet domestic demand and to provide the necessary transportation to support the diversification and sustainability of our economies in order to increase GDP, we need to develop strategic plans between the exporting and consuming countries to benefit from this product in the development and diversification of our economies, and to ensure current and future generations a decent, secure, stable and prosperous life. We today need cooperation and coordination among ourselves as producing and exporting countries of natural gas’, he added.
Source: Libyan News Agency