Libya can boost its gas production by 50% if the security situation improves in the country and if the investments are at the rendezvous. This is essentially what emerges from the intervention of Mustafa Sanallah (photo), the head of the Libyan public oil company (NOC), at the 21 st ministerial meeting of the Forum of Gas Exporting Countries (GECF) which held in Moscow last week.
As the natural gas market is booming right now, he said that once the security situation is good, investments will follow.
If there is much more talk in the country about the impact of the clashes on oil production, the main export product, it is important to stress that gas production is equally affected.
Analysts estimate that with a production of three billion cubic feet, the country is well below its gas potential.
The leader hopes to continue to alert the international community to the shortfall caused by this situation, so that efforts can finally be made to reverse the trend and normalize things in this area. Meanwhile, he said Libya could save more than $ 1.5 billion a year by using gas as the primary fuel for power generation instead of liquid fuel.
Source: Agence Ecofin