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Libya could once again become a global powerhouse for oil and gas, and to attract foreign investment.

Pulbished on:

Washington, December 4, 2021 (LANA) - The Ministry of Oil and Gas in the Government of National Unity recently submitted a series of

proposals in order to achieve an important goal aimed at improving the regulation of the sector in order to attract more investments by foreign companies, according to an American website specialized in oil affairs and gas.

Legal sources who spoke to last week stated that ("these proposals are broadly in line with the original ideas supporting the

September 2020 agreement to keep the oil sector out of strife, and are largely aimed at clarifying how oil revenues are paid and distributed," And the establishment of technical committees comprising representatives from all parties related to the sector, to work side by side with the Ministry of Oil and the Central Bank of Libya, in which the proceeds from the sale of oil are deposited.

The “Oil Price” report indicated the oil sector’s plan to raise production to 2.1 million barrels per day and produce natural gas to about four million cubic feet per day during the next five years, as this increase is feasible, especially in view of the recent deals concluded in the field of hydrocarbons, in reference to Results of the

energy summit in Tripoli last week.