Vienna, Austria – Mohamed Aoun, Libyan Minister of Oil and Gas, has said that Libya is continuing its gas export operations to Europe through the Greenstream pipeline, local media reports said.
He noted that an increase in gas exports is currently unfeasible, but could be considered in the future, after five years.
Auon was speaking on the sidelines of the 8th OPEC International Seminar, which kicked off today in Vienna.
He said that Libya developed a short-term strategic plan for the oil and gas sector, aimed at raising its oil production to two million barrels per day (bpd).
This includes developing newly discovered fields and raising the production capacity of existing fields, and developing the infrastructure that was damaged due to the events that Libya underwent.
He added that the Libyan National Oil Corporation’s plan to overcome obstacles in the oil and gas sector includes restructuring the sector and key entities operating in it.
The plan also aims to increase oil production by expanding onshore and offshore oil exploration operations.
This will help boost the country’s financial revenues and income. The plan also focuses on using natural gas to generate electricity during the coming decades.
In addition, the plan works on investing in oil wealth, including shale gas, and leveraging it to increase the proven oil and gas reserves.
The Libyan Minister stated that the plan also aims to address environmental issues and climate change, and reduce carbon emissions.
This will be done by stopping the burning of gas from oil fields and in oil operations, and focusing on producing electricity from lucrative renewable energy sources, while also developing the technical, administrative, and financial capabilities of the sector, and training youth, he added.
Regarding the presence of oil and gas reserves in Libyan waters in the eastern Mediterranean, the Libyan minister said that the numbers being presented are preliminary estimates.
To confirm these stocks, exploratory and evaluation wells need to be drilled.
When asked about his outlook on the oil market for the next year and the expected impact on oil prices until the end of 2024 following the “OPEC+” decision to extend production cuts, he emphasized that the global oil market is influenced by various factors.
These factors include supply and demand dynamics, the political situation in oil-producing countries, and geopolitical turmoil worldwide. He also mentioned the challenges related to financing and investments.
The minister projects that an increase in demand will help achieve market balance and push oil prices higher between the third quarter of 2023 and the first quarter of 2024.