Buccino: Libya can boost gas output by 30% with one billion dollars

Libya can boost its gas production by 30% with investments not exceeding one billion dollars, says the Italian Ambassador to Libya, Giuseppe Buccino.

In a round table meeting organized by Luiss University in Rome, Ambassador Buccino emphasized that increasing gas production requires a solid and joint executive authority in Tripoli.

“Increasing oil production from 1.2 million barrels per day to 2 million is a realistic goal that can be achieved within a year and a half or two years if the appropriate conditions and investments are made available,” he added.

The Italian ambassador pointed to the vast potential of the agro-industrial sector, which he said would be very beneficial for the Libyan people, who have suffered from transformation periods in recent years.

Last week, the Italian Minister for Ecological Transition, Roberto Cingolani, confirmed that Libyan gas was part of Rome’s plans to replace Russian supplies, disclosing that his country would clinch its first deals to find an alternative following the Russian-Ukrainian conflict.