Oil and Gas Minister: 40% of potential oil sites are in Turkey's demarcated area

Oil and Gas Minister: 40% of potential oil sites are in Turkey's demarcated area

September 21, 2022 - 12:18
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Written By: AbdulkaderAssad

The Libyan Minister of Oil and Gas, Mohammed Oun, revealed that 40% of the sites where oil is likely to be discovered are located in the area where the maritime border demarcation agreement between Libya and Turkey will be activated.

Oun said, in an interview with Asharq Al-Awsat newspaper, that there are efforts currently that are focused on developing work and making maximum use of the extraordinary budget granted by the Government of National Unity to the National Oil Corporation.

Oun explained that this budget is the highest in the history of the NOC and is estimated at more than 34 billion Libyan dinars, 16 billion dinars of which have been allocated to development and exploration plans as well as the establishment of capital projects that lead to increased production.

He talked about the Libyan oil production, saying that it currently is at 1.2 million barrels per day, in addition to the export of about 300 million cubic feet of natural gas per day to Italy.

Oun said the return of foreign companies to work in the Libyan oil sector on the results of the researches and exploration tours that the Ministry of Oil requested from the NOC to conduct in the land and sea areas.

He ruled out that the oil sector would be affected during the coming period by any tensions related to the conflict between the Libyan parties, or their international allies who are involved in the Russian-Ukrainian crisis, in a way that may lead again to the suspension of production.

Oun said that all Libyan parties have been affected, and there is almost complete conviction of the necessity of neutralizing oil, and liberating it from any links to the current local and international conflicts.

The Turkish government and the previous Government of National Accord signed on November 27, 2019, an agreement to demarcate the maritime borders between Turkey and Libya in the Mediterranean.