Libya seeks to increase oil, gas production

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A general view of the El Sharara oilfield, Libya December 3, 2014. REUTERS/Ismail Zitoun/File Photo
FILE PHOTO: A general view of the al-Sharara oilfield. /REUTERS

Libya is seeking to increase oil and gas production in the country over the next five years, Minister of Gas and Oil Mohamed Aoun said on Monday.

“We plan to increase oil production to 2.1 million barrels per day and natural gas production to about 4 million cubic feet per day over the next five years,” Aoun announced at the Libya Energy and Economic Summit held in the capital Tripoli.

“We encourage the investment and good use of the oil wealth,” the minister added.

Moreover, Aoun said that Libya also seeks to increase refinery capability and make use of alternative energies, in addition to making regional cooperation and investment a priority.

Oil and gas represent one major source of Libya’s revenue. However, the sector has suffered over the past years from armed conflict and closures of oil fields and ports.

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