Repsol’s Regional Executive Director for Europe, Asia and Africa, has said that Libya can produce two million barrels of oil per day in quite a short period of time, but that it had to invest.
Ferdinando Rigardo added that the biggest challenge to gas development in Libya is building exporting facilities, especially as these costs would be quite high.
Ultimately, Rigardo said, only if Libya improves its regulatory framework can its unconventional hydrocarbon sector be fully exploited.
He also said there was a need for Libya’s National Oil Corporation (NOC) to align its interests with those of the international oil companies (IOCs) in order to improve development in the Libyan hydrocarbon sector over the next few years.
(Source: Libya Herald)