Brownfields, Local Investment Key to 2M Barrels Per Day (BPD) Production – Africa.com
Libya aims to increase oil production to 2 million barrels per day (bpd) over the next two to three years, with brownfield development and local investment seen as key drivers of this growth. Speaking at the Libyan Energy and Economic Summit (LEES) in Tripoli on Saturday, Oil and Gas Minister Dr Khalifa Abdulsadek outlined the country’s strategy to reach production of 1.6 million barrels per day by the end of the year and lay the foundation for long-term growth.
“There are huge opportunities here and a lot of oil fields have been discovered, but many of them are still in the cracks,” Minister Abdel-Sadeq told a ministerial group meeting. Global Energy Alliance – Unite to create a safe and sustainable energy future. “We want to ensure local oil companies are involved. We also want to use the upcoming licensing rounds to support our planned growth in the oil industry.”
The minister’s speech also made a strong call for the international community to participate in Libya’s upcoming licensing round, demonstrating the government’s commitment to promoting cooperation and maximizing the potential of its energy sector.
Mohamed Hamel, Secretary General of the Gas Exporting Countries Forum, highlighted Libya’s huge natural gas potential (reserves of 1.5 trillion cubic meters) and the need to increase investment in natural gas projects. He pointed to ongoing initiatives such as the $600 million El Sharara refinery as opportunities to spur economic diversification.
“Natural gas is available,” Hamel said, adding, “It is the most environmentally friendly hydrocarbon, and we expect natural gas to continue to grow until 2050.”
The panel also discussed global energy transition issues, highlighting Africa’s unique challenges and the need for the continent to leverage its resources to achieve energy security. Dr Omar Farouk Ibrahim, Secretary-General of the African Petroleum Producers Organization (APPO), stressed that finance, technology and reliable markets are urgently needed to drive progress.
“At APPO, we note three specific challenges facing the continent. Finance, technology and reliable markets,” he said, questioning whether Africa can continue to rely on external forces to develop its resources.
As one of Africa’s largest oil producers, Libya has proven oil reserves estimated at 48 billion barrels. The country’s efforts to expand production, attract investment and drive innovation are at the heart of LEES 2025 discussions. The summit is supported by the Ministry of Petroleum and Natural Gas and the National Oil Company and has become a leading platform to promote energy transformation and exploration in Libya. Its impact on global markets.
Distributed by APO Group on behalf of Energy Capital&Power.
