Libya plans to boost its natural gas production in the next five years to have more supply available for export to Europe by early 2030, National Oil Corporation Chairman Massoud Suleman said on Tuesday.
The country plans to increase gas production to nearly 1 billion standard cubic feet per day and start drilling for shale gas in the second half of this year, Suleman told delegates at the LNG2026 conference in Qatar.
Foreign investors have been wary of investing in OPEC member Libya, which has been in a state of chaos since the overthrow of Muammar Gaddafi in 2011. Disputes between armed rival factions over oil revenues have often led to oilfield shutdowns.
Libya has 80 trillion cubic feet of gas reserves, split between conventional and unconventional resources, he added.
The country is currently exporting a negligible volume of natural gas via the Greenstream pipeline, Suleman said.
Libya also plans to announce the winners of its latest bid round on February 11, he added. About 37 companies from Asia, Europe, North America, the Middle East and Africa participated, Suleman said. These included Chevron CVX.N, Eni ENI.MI, ConocoPhillips COP.N and a consortium that included Repsol REP.MC, he added.
NOC will also announce another bid round this year, Suleman said, adding there may be bid rounds for unconventional resources or marginal fields.
Libya last month signed a 25-year oil development deal with TotalEnergies and ConocoPhillips.
(Reuters - Reporting by Yousef Saba; Writing by Florence Tan and Tala Ramadan; Editing by Louise Heavens)
Subscribe
