Libya Courts British Investment as Oil Production Targets Soar to Record Highs
Libya’s Acting Minister of Oil and Gas, Khalifa Abdel Sadig, has strengthened ties with the United Kingdom through strategic discussions with the British Ambassador focused on expanding bilateral cooperation in the energy sector. The Tripoli-based minister outlined ambitious plans to achieve unprecedented oil production levels while highlighting the ministry’s comprehensive approach to sector reform.
The meeting showcased Libya’s commitment to attracting international investment through a successful public tender for exploration and development, which has generated significant global interest. The minister emphasized Libya’s strategic position in supporting regional and international energy security, backed by preparations for new memorandums of understanding with multiple international partners.
Key initiatives include reforming the financial structure of the oil sector, enhancing commercial performance efficiency, and developing the petrochemical industry. Libya’s proactive approach to international partnerships reflects its determination to maximize its energy potential while contributing to global energy stability.
Source: libyaherald.com
