Khalifa Abdulsadek, Libya’s acting oil minister, has stated that the country needs between $3 and $4 billion to boost oil production to its pre-2011 level of 1.6 million barrels per day (bpd). Currently, the North African country produces 1.4 million bpd. Speaking at the Libya Energy and Economy Summit, Abdulsadek added that there are also plans for a new oil and gas bidding round, which is expected to be approved by the end of January. The bidding will cover key basins, including Sirte, Murzuq, and Ghadames, as well as marine areas, marking Libya’s first such round in 17 years. According to Abdulsadek, exploration is vital to offset production losses and ensure sustained economic momentum, hence the bidding. Oil contributes over 95% of Libya’s economic output, underscoring the urgency of preserving and expanding production.
Source: Reuters