The Supreme Council for Energy Affairs has called on the National Oil Corporation (NOC) to expedite negotiations with international companies to start investing in the discovered Ghadames Basin area.
During the Council meeting, the head of the National Oil Corporation presented the results of negotiations with international companies to invest in the Ghadames Basin.
The NOC pointed out that there are studies proving the existence of oil and gas reserves amounting to about 64 million barrels of oil, 39 million barrels of condensates and 2.4 trillion cubic feet of gas.
The meeting emphasized the necessity of continuing and accelerating negotiations with international companies to start investing in the area, due to its importance in supporting the national economy.
For his part, the Prime Minister stressed the need to continue the government’s plan to increase oil and gas production, through investment and benefiting from rising prices.
The NOC and the Government of National Unity are seeking to increase the country’s oil production to reach two million barrels per day.