Bengdara says studying gas pipeline project with Greece, another pipeline with Egypt

The Chairman of the National Oil Corporation (NOC), Farhat Bengdara, said that the NOC is studying the idea of a gas pipeline project to connect with Greece and another pipeline to Damietta in Egypt, in addition to the current pipeline between Libya and Italy.

Speaking to CNBC Arabic on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi, Bengdara added that Libya's current production amounts to 3 trillion cubic feet of gas, and most of it is consumed locally, adding that Libya's natural gas reserves are estimated at about 80 trillion cubic feet.

Bengdara said that Libya is about to sign with the Italian company Eni to invest between 6 and 8 billion dollars for research and exploration in fields in the Mediterranean and western Libya, and indicated that the country's oil production will reach the level of 3 million barrels within two or three years.

He explained that Libya will spend this year about 4 billion dollars on investments and between 12 and 15 billion dollars next year with foreign partners, without ruling out Libya's joining the Eastern Mediterranean Gas Organization (EMGO), which includes Egypt, Greece, Greek Cyprus, Jordan, Italy, Palestine, and Israel.