London, The Undersecretary of the GNU Ministry of Oil and Gas Rifaat Al Abbar affirmed that Libya was seeking to produce more than two million barrels per day during next year, and 4 million barrels per day in 2025, if the sector is provided with the necessary funds to carry out development and Rehabilitation of the fields, and the operating and maintenance needs, which are estimated at $12 billion, noting that the country is currently seeking to regain its shares in the global oil and gas markets, after return of calm and qualitative stability, with a daily production rate of 1.215 million barrels currently.
The London-based Saudi newspaper, Al-Sharq al-Awsat on Sunday, quoted Al Abar as saying ‘We are currently seeking to protect Libya’s share in the global oil market, and benefit from the recovery in prices, after we lost half of our sales share in previous years, which deprived Libya of very huge revenues, and a delay in approving budgets for the sector, due to political differences, caused billions of dinars in losses.’
“We are working with the National Oil Corporation to develop the productivity of the fields, and to periodically develop plans to return the damaged fields to work and maintain the stability of exports.”, he added:
He revealed the ministry’s intention to hold international oil and gas conferences during the coming period, in Tripoli and the US state of Texas, to attract foreign investments to the Libyan oil sector and create job opportunities.
Source: Libyan News Agency