Libya is seeking to boost its oil production by a third to 2 million barrels a day by year-end, surpassing last year’s pre-conflict level, Libyan ambassador to Washington Ali Aujali said.
How fast Libya returns to pre-war levels or surpasses them “depends also on the oil companies, how fast they are returning” to restart or expand operations, Aujali said, speaking at a Bloomberg Government breakfast in Washington recently.
Beyond oil, Libya is eager for American investment in tourism, health care and education, he said. The nation, whose governance is still in flux, plans to hold the first election for the national assembly next month after four decades of rule by dictator Muammar Gaddafi.
Libyan production was restored to 1.45m b/d to 1.55m b/d by the end of May, according to figures from the Organisation of Petroleum Exporting Countries. Oil Minister Abdul-Rahman Ben Yezza said last week that Libya plans to spend about $10bn to develop long-term oil and natural gas projects and increase its crude production capacity. He said the country also has a five-year plan to increase production to about 2.2 million barrels a day.
Aujali said “we need more investment” to develop the oil industry and fulfill a longer-term goal of restoring Libya’s crude production capacity to its historical high. The Department of Energy estimates it exceeded 3m b/d in the 1960s.
(Source: The Peninsula)