Plans to increase oil production in Libya have reached their execution phase after both the Government and the oil sector agreed to proceed in the direction to hit the 2 million bpd by 2025.
Tripoli_ Plans to increase oil production in Libya have reached their execution phase after both the Government of National Unity (GNU) and the National Oil Corporation (NOC) agreed to proceed in this direction. They must also have agreed on allocated the needed funds and investments in order to achieve such goal.
During a meeting on Monday between PM Abdulhamid Dabbiaba and NOC Chairman Farhat Bengdara both men discussed the plan and current daily oil and gas production in Libya as well as the ongoing projects in that regard. The target is to increase oil production to 2 million barrels per day by year 2025.
On his part, Dabbiaba affirmed his full support for NOC’s efforts to enhance production and achieve stability in the sector, praising the great efforts made by workers in various oil sites.
He also stressed the importance of continuing to implement development plans to raise the efficiency of the oil sector, in a way that achieves maximum benefit from natural resources and supports development in the country.
On Wednesday, Bengdara stressed during a meeting at NOC’s headquarters in Tripoli that oil production must be increased as to the directives of the General Assembly meetings last year, maintaining that there is a need to compensate for the produced reserve through exploration activity and seismic survey.
The Chairman of the National Oil Corporation, Farhat Bengdara, stressed the importance of intensifying efforts to implement the plan to increase production before the end of this year, in implementation of the directives of the General Assembly meetings last year, stressing the need to compensate for the produced reserve through exploration activity and seismic survey.
The meeting was attended by members of the Board of Directors, heads of committees of producing companies, general managers, and directors of departments concerned with production.
Bengdara directed the need to raise the efficiency of oil and gas reservoir management, while maintaining reservoir pressure and following up on it periodically, also calling for enhancing safety standards, protecting the environment and workers’ safety and health.
He stressed the importance of giving workers in all locations, especially in the fields, top priority. He also recommended intensifying training programs and transferring expertise to create a new generation of national competencies.
In October, the Minister of Oil and Gas of GNU, Khalifa Rajab Abdul Sadiq, revealed to Italian investors that a new round of exploration licenses for oil and gas resources will soon be announced, pointing to the investment opportunities associated with these rounds.
Current oil production is estimated at 1,374,118 barrels per day of crude oil and condensates, in addition to 202,983 barrels of gas equivalent, bringing the total to 1,577,101 barrels per day.