Libya plans to restructure its energy sector to boost efficiency and it expects crude oil exports to rise to 2 million barrel per day (bpd) next year from 1.7 million currently.

Oil Minister Fathi Omar bin Shatwan said soaring world oil prices had also encouraged more foreign oil companies to invest in Libyan projects.
“The world is now aware of the important role of Libya in the oil market and its valuable place in that market. So many firms have come and that flow is rising. Our energy projects are evoloving on a very good path,” he said.
As a result, Libya’s oil exports rose to 1.7 million bpd currenty from 1.3 million bpd last year, Shatwan said. “We see our oil exports rising to 2.0 million bpd by the middle of next year. Libya’s revenue increased with that rise in exports and also because of higher oil prices and that encouraged many foreign firms to come here,” he said.
“We are moving now towards restructuring the energy sector because of the changes in the world economy, the energy world market and rising demand for oil,” he added.
Shatwan said the ministry had a plan to reshape the energy industry and give a greater role to younger managers.
“The leadership in the energy sector and energy companies should be able to embrace quickly the broad and swift changes. The culture of red tape bureaucracy must end,” he said.
“A new culture has to dominate the leadership of the energy industry. That new culture has to be based on efficiency to achieve and implement projects and organise works efficiently and develop human resources,” he added.