Undersecretary of Ministry of Oil: Libya is seeking to attract large investments in the oil sector, and Russia is an important partner that has capabilities

oil and gas - November 3, 2021

Moscow, 2 November, 2021 (Lana) - The Undersecretary of the Ministry of Oil for Libyan Production Affairs, Rifaat Al-Abbar stated ‘There are many challenges facing the sector, due to poor funding, and the impact of previous events that led to great damage to the infrastructure of oil and gas components, and that Libya works with its international partners to create a safe investment environment that attracts major companies, and that the Ministry of Oil is making relentless efforts, to overcome obstacles to the progress of production operations in various fields and ports from the Mellitah complex in the west to the port of Hariga in the east, and to use modern mechanisms and comprehensive programmes in order to develop the fields and raise their production along with Develop and achieve new explorations of oil and gas to raise the country's production and exploit resources in a way that is in line with current global demand, despite the difficulties our country is going through. Al-Abbar said in an interview with Russian radio “Sputnik”: (Libya’s production is stable, thanks to the efforts made by workers in various sites in the sector, and we aspire to achieve plans to raise exports to above 1.4 million barrels per day during the month of December 2021, and above 1.6 million barrels. barrels in 2022 if the appropriate conditions and environment are provided for the sector that started production since 1961 and contributes by more than 96% of the total value of exports in addition to absorbing more than 66,000 local workers, and provides foreign exchange, which is the mainstay of the national economy) Al-Abbar added: ‘The biggest challenge is how to use oil money in order to diversify the national economy and create other sources that contribute to absorbing local capabilities and supporting the public budget as well, as well as relying on clean energy sources, such as wind, sun and green hydrogen, which will enable Libya to reduce the severe shortage of Energy such as electricity, for example, reduces dependence on hydrocarbons and the resulting huge sums of money, as well as keeping pace with international calls to preserve the climate and reduce emissions.

Al-Abbar stated that the unfortunate events that occurred in the country and in the oil sector deprived Libya of a huge amount of cash revenues, in addition to what was caused by the armed invasions of oil fields and ports and destruction of infrastructure, pointing out that good relations with Russia As a partner and investor who has very important capabilities and contributes to the implementation of development plans for the sector in the fields of exploration, drilling, testing wells and benefiting from resources in the Hamada areas, plot 4_82.

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