Oil Minister Oun: Libya is losing 550,000 to 600,000 barrels of oil per day

Alwasat - Cairo Thu 26 May 2022, 02:54 PM
alwasat radio

The Oil Minister for Libya's Government of National Unity, Mohamed Oun, said that Libya is currently losing from 550 to 600,000 barrels of oil per day, also noting that Libya's future production of natural gas will not be enough for its needs.

Oun indicated that if production returns to its normal levels, it will reach 1.2 million barrels per day, according to a statement given to Italy's Agenzia Nova on Wednesday.

He stressed that the closures were "outside the scope of the wise and effective", adding, "we hope to resume oil production given that the closure affects all Libyans and foreign exchange reserves."

Oun touched on the offshore gas fields under development between Libya's National Oil Corporation and the Italian company Eni, saying "future production will not be able to meet internal needs."

He continued, "power plants in Libya need one billion cubic feet of gas (28.3 million cubic meters) at the present time and this quantity will double in the future."

He pointed out “if we develop oil and gas discoveries in all of Libya, which will take three to seven years, we will be able to compensate only a small part of Russian supplies, so I do not think that Libya is able to compensate for the large amounts of energy produced by Russia.”

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