Libyan oil sector to surge on high crude quality
Libya controls nearly 6.7 percent of the total Arab recoverable oil deposits of around 717 billion barrels, which account for around 54 percent of the world's proven oil reserves, Jamal Al-Loughani said.
In his comments in the AEO's bulletin published last week, Al-Loughani said OPEC member Libya is currently pumping nearly 5.2 percent of the total Arab crude production of about 22.9 million bpd, equivalent to 1.15 million bpd.
'The most important feature of the Libyan oil sector is the quality of the crude oil produced, as it is light and has a low sulphur content. This is suitable particularly in the European market,' said the secretary general of the Kuwait-based AEO, formerly the Organisation of Arab Petroleum Exporting Countries.
He said another advantage is Libya's geographical location which is close to major consumer markets that are expected to record increased energy demand in the future.
This will provide an opportunity to develop the Libyan energy sector to provide the necessary petroleum supplies to these markets, he said.
Al-Loughani said Libya's plan to boost production capacity could be achieved by attracting international partnerships, injecting capital, improving efficiency, and increasing extraction rates within a strategy to modernise the energy infrastructure.
'This will help Libya regain its position as a major player in the global energy sector… There is no doubt that the ambitious strategic plan which aims to increase production to 2 million bpd of oil and 4 billion cubic feet of natural gas, reflects a trend toward reconsidering previous methods of boosting production and bringing it to the targeted levels,' Al-Loughani said.
In recent comments, a Libyan official said the country is seeking investments ranging between $3 to 4 billion to boost oil output capacity to 1.6 million bpd.
Acting oil and gas minister Khalifa Abdulsadek said the country's goal extends beyond reaching 1.6 million bpd with aspirations to increase production to two million bpd.
'There is momentum in reconstruction, and this can only be achieved by increasing the production,' he added.
(Writing by Nadim Kawach; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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