Minister of Oil and Gas Mohammad Aoun said on Saturday that Libya holds substantial quantities of shale fuel in unexplored locations, adding that over 30% of Libyan territory remains unexplored.
During his speech at the Libya Energy and Economy Summit in Tripoli, Aoun confirmed that a committee has begun to undertake the exploration task and reached preliminary results. "We plan to conduct a drilling test in one of the wells to verify these findings in the coming days," the minister said.
He emphasized the ongoing need for fossil fuels, noting that despite the global shift towards new or alternative energy sources, OPEC reports confirm that the demand for fossil fuels will continue and even increase until 2045.
Aoun also stressed the importance of addressing the environmental impacts of fossil fuels in parallel with developing alternative energies, describing it as the optimal solution, as he underscored the necessity of relying on gas in the transition to renewable energy.
Highlighting Africa's vast gas reserves, Aoun affirmed the continent's potential, evidenced by efforts to establish gas pipelines from Nigeria to Europe, leveraging Nigeria's substantial gas reserves.
