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There is an opportunity for Russian companies to submit bids for exploration projects, Aoun says.

Pulbished on:

Tripoli, December 5, 2023 (Lana) The Minister of Oil and Gas, Mohamed Aoun, affirmed that there is an opportunity for Russian companies to submit bids for exploration projects that the National Oil Corporation (NOC) intends to launch next year.

Aoun said in statements to the Russian Sputnik agency that the NOC will launch a bidding round for exploration in 2024, and Russian companies can apply then, noting that the ministry’s plans for 2024 aim to gradually increase production after the country’s crude oil production in 2023 reached about 1,200,000 barrels per day.

Aoun estimated the time period needed by his country for its daily oil production to reach two million barrels, between 3 and 5 years, stressing that this is linked to the presence of competencies and expertise working within a framework of complete transparency.

Regarding the extent of the impact of the OPEC+ decision to reduce production by more than one million barrels per day on Libya and oil and gas exporting countries, Aoun explained that Libya is not affected by the production reduction because the goal of OPEC and OPEC+ is to maintain market balance in terms of supply and demand.

=Lana=