Minister Mohamed Aoun of Oil and Gas says that Libya imports most of its oil needs, as the Zawiya, Tobruk, and Sarir refineries produce only 20 to 25% of the total fuel consumption of the Libyan state.
In an interview with the Saudi Al-Ekhbariya TV channel, on the sidelines of his participation in the UAE Sustainability Week Summit, Aoun invited Arab countries to invest in the oil industry in Libya.
"Since June 2022, Libya managed to preserve a stable oil production estimated at one million and 200 thousand barrels of oil per day and about 2 billion and 600 million cubic feet of gas, most of which is circulating in the local market, while part of it runs to Italy through the offshore pipeline," Aoun said.
According to the minister, the National Oil Corporation plans to increase production to two million barrels within three years, but this needs a focused effort on oil refining and petrochemicals investment.
He stressed the need to support exploration tours, indicating that 30 to 40% of the Libyan onshore and offshore areas have not been explored.
As the minister puts it, the world is trending towards reducing emissions and using fossil fuels, and Libya must exploit the quantities of its crude before it's either wasted or sold at low prices.
Libya could help resolve the global energy crisis if given the opportunity of stability, the minister told the Saudi channel, indicating that the country's significant fossil fuel stocks would come to fruition within two to three years if the state works on its development.