Libya’s National Oil Corporation (NOC) is studying potential gas pipeline Ideas connecting to Greece and Damietta in Egypt in addition to the current pipeline between Libya and Italy, NOC chairman, Farhat Bengdara, said on Tuesday, November 1, 2022.
Speaking to CNBC Arabic during the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), Bengdara said Libya is currently producing about 3 trillion cubic feet of gas, with most of it consumed locally.
With Libya’s natural gas reserves of about 80 trillion cubic feet, the country can sustain supplies to its local markets and abroad as the country is on the verge of signing a deal with an Italian company Eni, which will see the company invest 6 to 8 billion dollars for exploration and research in the Mediterranean and western Libya.
Bengdara also added that the country’s oil production is expected to reach 3 million barrels in the next two to three years. According to his explanations, Libya will invest 4 billion dollars this year and boost the investment to about 12 to 15 billion dollars next year with the help of foreign partners.
However, the NOC chairman did not rule out the possibility of Libya joining the Eastern Mediterranean Gas Organization (EMGO), which comprises seven member states. EMGO includes Greece, Jordan, Egypt, Italy, Greek Cyprus, Israel, and Palestine.