Libya has no excess oil or gas quantities to replace Russian supplies to Europe, says Minister of Oil and Gas Mohamed Aoun.
Speaking to the Arabic CNBC TV channel, Aoun disclosed that he issued directives to the National Oil Corporation to work on developing the oil and gas unactive sites.
The minister indicated that he submitted a detailed memorandum to the government regarding the involvement of the private sector in the development of oil fields, provided that it has the competence and financial capacity to do the job.
The shutdown of oil sites did not include all Libyan ports, said minister Auon, indicating that his ministry did not receive any specific requests to negotiate the opening of ports. He anticipated oil production to return to its normal rate, 1.2 million barrels per day, and production to reach two billion cubic feet per day.