Reuters reported on Tuesday, citing Masoud Suleiman, Chairman of the National Oil Corporation, that Libya plans to increase its natural gas production over the next five years to provide greater supplies for export to Europe by early 2030.
Suleiman told delegates at the LNG2026 conference in Qatar that the country plans to raise gas production to nearly one billion standard cubic feet per day and to begin shale gas exploration in the second half of this year.
According to Reuters, foreign investors have been cautious about investing in Libya, which has been in a state of turmoil since the overthrow of Muammar Gaddafi in 2011.
He added that Libya holds gas reserves estimated at 80 trillion cubic feet, spread across conventional and unconventional resources.
Suleiman noted that the country currently exports only a small amount of natural gas via the Greenstream pipeline.
He went on to say that Libya also intends to announce the winners of the latest bidding round on February 11.
Suleiman stated that around 37 companies from Asia, Europe, North America, the Middle East, and Africa participated in the round, including Chevron.
He explained that the National Oil Corporation will also announce another bidding round this year, adding that there may be bidding rounds for unconventional resources or marginal fields, according to the agency.
