Libya will produce 2 million barrels a day of oil by 2010, from the current 1.6 million-1.7 million barrels a day, a government official told Dow Jones Newswires.
"We're currently redefining the petroleum sector in our country, and we're in talks with several companies who want to get new contracts to produce oil in Libya," Seddigui Ismail, Libya's representative at the African Petroleum Producers' Association, said on the sidelines of the APPA's ongoing conference.
"After discovering new fields, combined with the old fields that are already producing, we believe that could be getting to produce 2 million barrels of oil a day," said Ismail, who is also technical adviser at Libya's National Oil Corp.
Ismail said earlier that Libya was redefining its oil industry to ensure more government investments in the oil sector, while opening new terrain for large oil companies to invest.
Featuring high on its Yaounde agenda, the APPA aims to establish strategies to increase oil supply to ward off surging prices.