Libya is aiming to increase its oil production to 1.6 million barrels per day by the end of 2026, according to Khalifa Abdel Sadig, the Tripoli-based Libyan Minister of Oil and Gas. Speaking to CNBC Arabia channel following meetings in Washington DC on the sidelines of the Annual Meetings of the IMF and World Bank, Abdel Sadig outlined the country’s production ambitions and revealed progress on potential partnerships with major American energy companies.
The minister disclosed that consultations and agreements have been made with American oil giants ExxonMobil and Chevron on exploration and oil production, though he did not provide further details on the specifics of these arrangements. Libya’s gas production currently stands at 2.5 billion cubic feet per day, with gas exports to Italy totaling approximately 200,000 cubic feet. The announcement signals Libya’s efforts to restore its position as a major oil producer following years of political instability and production disruptions that have hampered the country’s energy sector.
Source: libyaherald.com