The Libyan Minister of Oil and Gas, Mohammed Oun, said that Libya "seeks to increase oil production to about 2 million barrels per day (bpd)" adding that the country will see the beginning of increase results between two and three years and up to approximately five to seven years.
Oun explained in an interview with the Petroleum Economist that investing $17 billion in oil and gas infrastructure would not only be limited to existing fields, but to newly discovered fields that have not yet been developed, The Oil Ministry said on Facebook on Saturday citing the interview from September 28.
Oun added that the plan aimed to authorize bids in 2024 to provide a large area in both offshore and onshore areas, pointing to the interest in developing shale oil because Libya possesses the fifth largest reserve in the world, according to reports published by the US Energy Agency.
He added that the Shale Oil Committee is finalizing the pilot project for shale oil and gas, pointing out that initial indicators highlight the possibility of the project reaching far in five basins. He also said that some maintenance work is required on some pipelines, promising that it will be a quick turnaround if completed, considering that the infrastructure can harbor further growth and expansion.
Oun said that the gas potential is great given the potential of shale gas as well as "traditional reserves, as gas production amounts to about 2.5 billion cubic feet per day." He said Libya has about 12 gas discoveries, but for various reasons, the National Oil Corporation is not able to develop one of them: Arous Al-Bahar, "which contains trillions of of gas reserves that can be developed, though it may take some time, but it is possible within 2- 3 years".