Dabaiba calls for increasing oil production to two million barrels

The tenth regular meeting of the Supreme Council for Energy and Water Affairs was held at the National Oil Corporation headquarters, headed by the Chairman of the Council, Abdul Hamid Al-Dabaiba, and in the presence of the Council members, to discuss the files approved on the agenda related to the oil and gas sector.

In his speech, Al-Dabaiba stressed the need to follow up on the plan to increase production and reach a production of 2 million barrels according to timetables, and the need to disclose and be transparent about all expenses and projects implemented, and to follow up on the corporation’s affiliated companies during the implementation of their projects that will contribute to increasing production, and clarify their time periods.

During his review of the corporation’s budget during the years 2022-2023 and its actual expenditures according to programs and projects, Farhat Bin Qaddara, head of the National Oil Corporation, confirmed that production will exceed 1.5 million barrels by the end of 2025, and reach 2 million within 3 years, explaining that this needs to continue. Financial flows for ongoing projects to reach the required productivity.

The meeting also discussed a number of files, including the draft regulatory regulations, discussing the development of oil discoveries carried out by Al-Waha Company with foreign partners, and reviewing the technical report of the committee charged with studying the agreement to develop oil and gas discoveries in the Ghadames Basin.

The National Oil Corporation’s technical team also presented a presentation showing the expected decline in gas production, and the proposed treatments within a number of projects with the aim of maintaining and increasing gas production.
The head of the Administrative Control Authority, Abdullah Qadirbuh, affirmed the authority’s support for the work of the Council as an observer member, stressing the necessity of joining efforts between the executive and supervisory bodies and the Central Bank of Libya in supporting the National Oil Corporation in order to increase production of oil and gas.

The head of the Audit Bureau, Khaled Shakshak, also stressed the necessity of adopting a three-year or five-year budget, given that the sector’s projects are completed over a period of years, indicating that adopting an annual budget would not be practical with regard to follow-up or completion.
The Council members affirmed their support for the efforts of the National Oil Corporation and the follow-up of all its programs and projects, and the focus on the principle of disclosure and transparency in all implemented programs and projects.