Libyan Oil Ministry says it supports GNU initiative to increase output despite being left out

Libyan Oil Ministry says it supports GNU initiative to increase output despite being left out

April 14, 2022 - 18:49
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Written By: AbdulkaderAssad

The Libyan Ministry of Oil and Gas said that it supports all initiatives and plans that aim to increase production, despite being left out of the preparations of the national plan to develop the oil and gas sector, which was approved by the Prime Minister Abdul Hamid Dbeibah on Wednesday.

The Ministry reiterated in a statement on Thursday the need to adhere to the legislation regulating the oil sector, pointing out that its tasks revolve around developing policies and strategic plans related to the oil and gas industry.

"Not to mention the ministry's integration with the general policies of the state and sectors, and keenness to make good use of oil wealth, to secure the needs of the local market of oil and gas derivatives, and to increase production capacity in accordance with local and global standards." The statement reads.

The statement also referred to the importance of improving the financial status of the sector's employees who worked in the most difficult conditions and did not receive a fair reward for the work they put in.

On Wednesday, Dbeibah launched a plan to develop the oil and gas sector, in a celebratory event in Tripoli, while the Minister of State for Cabinet Affairs, Adel Juma, announced afterwards the adoption of emergency financial arrangements for the NOC in 2022 worth 37.640.145 dinars.

The announced plan aims to increase oil production to over 1.4 million barrels per day by the end of 2022, according to Juma, who said the money is going to be covered from the oil revenues that are expected to be collected during the 2022 fiscal year.