After suffering from nearly 10 years of political instability, the Libyan oil sector is looking for new investments to regain its full production capacity and to take new steps.
On August 24, Libyan Petroleum Minister Mohamed Aoun received Tamer Mostafa, the new Egyptian ambassador to Libya, to discuss ways to strengthen cooperation in the oil sector between the two countries.
During the meeting, the Egyptian ambassador affirmed Cairo’s support for efforts to restore the Libyan oil industry as part of the permanent cooperation between the two countries. He added that the entire Egyptian oil sector is interested in contributing to the reconstruction and rehabilitation of oil and gas infrastructure in Libya.
Further updates on this are expected to be provided in the coming months, according to the Egyptian side. For his part, Mohamed Aoun welcomed the appointment of Mostafa as the new Egyptian ambassador to Libya and said he hoped that the Egyptian embassy in Libya will play a central role “in strengthening economic and political relations between the two brotherly countries” .
Libya wants to increase production to 4 million barrels a day by next year and is counting on the rehabilitation of many disused fields combined with the injection of capital upstream.