Libya's oil and gas minister has accused some international oil companies operating in the OPEC member of taking advantage of lax security in the country's restive oil regions caught in fighting bouts since 2011, slacking off in implementing their development plans and seeking better contractual terms. IOCs are also exploiting Libya's need for petrodollar revenue and foreign expertise to develop its resources to exact better contractual terms from NOC, he added. Licensing roundDespite issues with IOCs, Oun said Libya is moving ahead with plans to boost its oil production capacity to 2 million b/d in three-to-five years, with the help of existing IOCs and the development of existing fields and discoveries. Libya is also keen to boost its gas production, which hovers around 2.6 bcf/d, by tapping its 56 TCF reserves to add an extra 2 bcf/d. Libya, through the Mellitah Oil & Gas joint venture between Eni and NOC, exports between 300-400 MMcf/d to Italy via the Greenstream pipeline.

Source: Libya Today November 23, 2023 16:16 UTC