Libya, which has a maximim capacity to produce 1.7 million barrels per day (bpd), will expand that to two million bpd at the end of this year, its energy minister said.
“Libya is producing at its maximum capacity now. It produces now 1.7 million bpd and at the end of this year it will increase its output to 2.0 million bpd,” Fathi Omar bin Shatwan said.
Like other Opec members, Libya has projects to produce more oil for the market, he said.
“Libya’s oil reserves are 40 billion barrels now but we will increase these reservess in the future. We expect that Libya’s oil reserves will expand to 100 billion barrels in the future,” he added.
Libya is attracting major oil companies since the lifting of sanctions in 2004 and is seeing stiff competition from foreign firms to invest in exploration and development of its energy industry.
“Only 30 per cent of Libya's territory is explored and 70 per cent is still waiting for exploration,” Shatwan said, adding that he expects US firms and other companies to help Libya increase its gas and oil reserves and output capacity.