Libyan Oil Minister: Closing Oil Fields Poses ‘Major Threats’

Libyan Oil Minister: Closing Oil Fields Poses ‘Major Threats’

Libyan Minister of Oil and Gas Mohamed Oun hoped the oil sector could avoid any political strife or conflicts the country might witness, especially with the elections scheduled for December.

In an interview with Asharq Al-Awsat, Oun called upon everyone to ensure oil fields remain open, stressing that no party exploits the oil sector.

He warned that closing the fields, especially if it extends to large lots, will cause a decline in oil revenues and destroy Libya's reputation in the market.

The minister cautioned that Libya would not be able to address the issue in the long term, forcing customers to search for alternatives.

He continued, "We currently aim to raise the production from 1.3 million barrels per day (bpd) to 1.5 million by the end of this year, a goal that can be achieved if we can establish some projects in the newly discovered fields and develop technical facilities in the seven fields that military operations have damaged."

The minister downplayed fears that the election would be affected by the competition between companies and Western countries that control significant investment shares in the Libyan oil sector.

"Competition between companies will begin if we offer sites for drilling and exploration, whether on land or at sea,