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July 5, 2023
11:26 a.m
Mohamed Aoun, the Libyan Minister of Oil and Gas, confirmed that the export of gas from his country to Europe via Italy through the Green Stream line has not stopped, and that increasing export quantities is not included in the current stage, but rather can be considered in the long term after five years.
He said, in an interview with the Emirates News Agency, WAM, on the sidelines of his participation in the activities of the eighth international OPEC conference, which kicked off today in the Austrian capital, Vienna, that his country has developed a short-term strategic plan for the oil and gas sector aimed at raising its oil production to two million barrels per day, and includes developing oil fields. New discoveries and raising the production capacity of the existing fields, in addition to developing the infrastructure that was damaged due to the events that the Libyan state went through.
He added that the National Oil Corporation’s plan works to overcome the obstacles and challenges facing the sector in Libya, and focuses on many axes, including structuring the oil and gas sector and its affiliates, the National Oil Corporation and its affiliated companies and agencies, and the General Company for Gas Transmission and Distribution.
He continued: The plan also aims to increase oil production by expanding oil exploration in land and sea areas to achieve financial revenues for the state and increase its income, in addition to focusing on using natural gas to generate electricity during the coming decades, as well as working on investing in oil wealth, including shale gas. Exploiting and developing them to increase the proven reserves of oil and gas.
Aoun stated that the plan also aims to treat environmental problems and climate change, reduce carbon emissions by stopping burning gas in oil fields and in oil operations, and focus on producing electricity from renewable energy sources that have an economic return on the Libyan state, in addition to working on building capacities and cadres. Technical, administrative and financial sector, and focus on young elements through training, rehabilitation and development.
Oil and gas stocks
On the presence of oil and gas stocks in the Libyan economic waters in the eastern Mediterranean, the Libyan minister said: The figures currently being presented are preliminary expectations that need to drill exploratory and evaluation wells to determine the stocks. Adding: We are waiting for companies to return to their business. Regarding his vision of the oil market during the next year and the expected repercussions for oil prices until the end of 2024 after the decision of «OPEC +» to extend the production cut, Mohamed Aoun said: The global oil market is subject to many influencing factors; These include supply and demand, the political situation in the producing countries, the political unrest in some countries of the world, and the lack of financing and investments. It is expected that the increase in demand will lead to achieving balance in the market and push oil prices to rise during the period between the third quarter of this year 2023 and the first quarter of next year 2024.
renewable energy strategy
Regarding Libya’s strategy in the field of new and renewable energy and the projects to be implemented in this regard, Aoun said: The Libyan Ministry of Oil and Gas has adopted, within its strategy 2021-2026, the development and exploitation of new and renewable energies, and set ambitious goals to study the possibility of benefiting from the available resources to support the national economy and transition. To modern technologies that contribute to achieving a sustainable energy mix.
He added that the importance of transformation in the energy sector lies in facing the sector’s crises, climate changes, and reducing emissions harmful to the environment, by investing in it and establishing projects that produce clean and cost-effective energy and preserve the environment, such as gas and renewable energy projects, indicating that his country It is currently working on developing two new solar energy projects, one in the south of Libya in Rabiana, and the other in the east of it in the Saada region, west of Misurata, with a production capacity of 500 megawatts each.
It is expected that the two projects will enter into operation by 2025, in addition to projects under development to benefit from flaming gas instead of burning it and emitting it into the air, in addition to developing a strategy to reduce methane gas, in light of the trend towards strengthening the framework of the circular carbon economy, carbon sequestration, and its use. , and store it to reduce greenhouse gases and preserve the environment.
2023-07-05 07:26:28
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