Libyan Minister of Oil and Gas Mohamed Aoun confirmed that gas exports from his country to Europe through Italy via the Green Stream pipeline are not stopped.
He pointed out that an increase in export volumes is not possible at the current stage, but can be considered in the long term in five years.
He said in an interview with Emirates News Agency WAM on the sidelines of his participation in the events of the eighth OPEC international conference, which kicked off today in the Austrian capital of Vienna, that his country has developed a short-term strategic plan for the oil and gas sector, aimed at increasing oil production to two million barrels. per day and includes the development of new discovered fields and an increase in the production capacity of existing fields, as well as the development of infrastructure that has been damaged due to the events that the Libyan state has experienced, adding that the NOC plan is working to overcome the obstacles and problems with which faces the sector in Libya, and focuses on many areas, including the structuring of the oil sector. The Corporation, its subsidiaries and companies, and the General Gas Transportation and Distribution Company.
He continued: “The plan also aims to increase oil production by expanding oil exploration onshore and offshore, generating financial revenue for the state and increasing its revenue, in addition to focusing on the use of natural gas to generate electricity in the coming decades. and also work to invest in oil wealth, including gas.” Shale oil and good exploitation and development to increase proven oil and gas reserves.
Libya’s oil and gas minister said the plan also aims to address environmental issues and climate change and reduce carbon emissions by stopping gas flaring in oil fields and oil operations and focusing on electricity generation from renewable energy sources that have economic returns. about the Libyan state, in addition to working on building capacity and technical, administrative and financial manpower in the sector and focusing on youth through “training, rehabilitation and development”.
Regarding the presence of oil and gas reserves in Libyan economic waters in the eastern Mediterranean, the Libyan minister said that what appears in the numbers are preliminary expectations requiring exploration and appraisal wells to be drilled to determine reserves, adding: “We are waiting for the companies to return to get started.” Regarding his vision for the oil market next year and the expected implications for oil prices until the end of 2024 following the OPEC+ decision to extend production cuts, His Excellency Mohamed Aoun said that the global oil market is subject to many influencing factors, including supply and demand, the political situation in producing countries and unrest. The political situation occurring in some countries of the world and the lack of financing and investment, expecting that an increase in demand will lead to achieve a balance in the market and push up oil prices to growth between the third quarter of 2023 and the first quarter of 2024.
With regard to the Libyan strategy for new and renewable energy sources and the projects to be implemented in this regard, Aoun said that the Libyan Ministry of Oil and Gas has adopted, as part of its strategy for 2021-2026, the development and operation of new and renewable energy sources and has set ambitious goals. Objectives To explore the possibility of using available resources to support the national economy and the transition to modern technologies that contribute to achieving a sustainable energy balance.
He added that the importance of transforming the energy sector is to confront crises and climate change in the sector and reduce environmentally harmful emissions by investing in it and creating projects that produce clean and cost-effective energy and conserve the environment. such as gas. and renewable energy projects, indicating that his country was currently working on the development of two new solar energy projects, one in the south of Libya in “Rabian” and the second in the east of it in the “Saada” region , west of Misrata, with a production capacity of 500 megawatts each, and two projects expected to come online by 2025, in addition to projects under development to take advantage of gas flaring instead of flaring and venting it to air, as well as developing strategies to reduce methane emissions (energy, agriculture and waste) in light of the trend towards strengthening the carbon circular economy framework and carbon capture, use and storage to reduce greenhouse gas emissions and save the environment.
Source: VAM
