The Chairman of the Board of Directors of Libya's National Oil Corporation (NOC), Farhat Bengdara, said that the idea of ​​gas pipelines connecting with Greece and the Egyptian city of Damietta are being studied.

He added that Libya's gas production amounts to three trillion cubic feet and most of it is consumed locally, but natural gas reserves are estimated at 80 trillion cubic feet, according to a statement to CNBC Arabic.

Bengdara noted that he is about to sign an agreement with Eni to invest in the range of $6-8 billion for research and exploration in the Mediterranean as well as western Libya.

When asked about the volume of investments, he said that Libya will spend about $4 billion in the oil sector this year, which will rise to between $12-15 billion dollars next year with its corporate partners.

He also did not rule out Libya's joining the Eastern Mediterranean Gas Organization as a member state.