Oun: Libya in talks with US oil firms to boost crude production

Oun: Libya in talks with US oil firms to boost crude production

September 30, 2021 - 15:40
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Written By: SafaAlharathy

Oil and Gas Minister Mohamed Oun has called on foreign oil companies, especially from the US, to return to Libya and help the country maintain its oil facilities to increase production.

Speaking to Bloomberg on the sidelines of the 15th Sustainable Energy Conference in Ravenna, Italy, Oun revealed that Prime Minister Abdul Hamid Dbeibah recently appointed a special envoy to the United States, who will try to convince energy firms to invest in Libya.

The government wants to develop the remaining potential reserves in the country. There are still many spaces to explore, whether on land or in the Mediterranean waters, Bloomberg quoted Oun as saying.

Several US energy companies, like ConocoPhillips, Marathon Oil Corp., and Occidental Petroleum Corp, have long operated and taken stakes in Libyan oil fields, but some of them were forced to sell their assets after the war, according to Bloomberg.

"I would like to personally encourage foreign companies, especially those from the US, to come back. We require a lot of work to upgrade and maintain our facilities," Libya's Oil Minister said.

Oun ruled out a possible future closure in the oil sector. “The country is stabilizing. I don’t think there will be big shutdowns.”