Oun: Libya welcomes US and European investments in energy sector

The Minister of Oil and Gas in Libya, Mohamed Oun, gave a press interview published by Bloomberg, on the sidelines of his participation in the Mediterranean Energy Conference and Exhibition, which is being held in Italy.

Oun said in his interview that the government in Libya encourages foreign companies, especially the American ones; to return and invest in Libya; In order to upgrade and maintain Libyan oil facilities.

He added that the Prime Minister, Abdel Hamid al-Dabaiba, had appointed a special envoy of the United States of America, on the mission of trying to persuade American energy companies to invest in Libya.

The minister indicated that Libyan oil production will rise from 1.3 million barrels per day to between two and 2.5 million barrels per day during the next six years.

Oun also stressed that the Libyan government welcomed European investments in the energy sector, pointing out that French and Spanish companies had recently offered to invest in Libya.

Many American energy companies have worked and acquired stakes in the Libyan oil fields in the past, including “ConocoPhillips, Marathon Oil Corp and Occidental Petroleum Corp.” Most of them sold their shares after the start of the war.

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