Economy News – Follow-up
Masoud Suleiman, the Acting President of the National Oil Corporation in Libya, announced on Monday that the nation plans to initiate its first oil exploration tenders in over 17 years.
As the second largest oil producer in Africa and a member of the Organization of Petroleum Exporting Countries (OPEC), Libya holds a significant position in the global oil landscape.
Last month, Khalifa Abdel-Sadiq, the Minister of Oil responsible for Libya, indicated that the country requires an estimated investment of between three and four billion dollars to achieve an oil production target of 1.6 million barrels per day.
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