However, he expressed optimism that Libya has the potential to significantly increase its output to reach levels comparable to those achieved in the 1970s, targeting a production rate of 3.4 million barrels per day. Ben Qaddara outlined Libya's ambitious plans to boost oil production, aiming to reach a target of two million barrels per day within the next three to five years. He highlighted that despite the current production levels, only 25 percent of the capacity of the pipeline used to export natural gas from Libya to Italy is currently being utilized. He expressed optimism regarding the participation of major international companies in this upcoming round, signaling potential opportunities for investment and exploration in Libya's oil sector. In addition to focusing on traditional oil production, Ben Qaddara disclosed that the National Oil Corporation is exploring the possibility of diversifying Libya's energy sources.

Source: Libya Today February 28, 2024 09:00 UTC