Libya is exploring unconventional reserves in hopes of expanding its natural gas production.
Today, the country produces around 2.5 billion cubic meters per day, and it hopes to reach 3 billion by 2013, according to the National Oil Co. Chairman Nuri Berruien.
The chaos surrounding Qaddafi’s downfall last year caused most of Libya’s oil and gas production operations to be thrown off gear, but the country has made strong recoveries.
The nation’s desire to involve global concerns like Royal Dutch Shell (LON: RDSA), Exxon Mobil (NYSE: XOM), and Total SA (NYSE: TOT) is surely not to be underestimated in this context.
“Gas has never been a priority for us, but it is now,” Berruien said. “We may have some of the most important shale gas deposists in the world.”
The U.S. Energy Information Administration has previously suggested that Libya may command up to 290 trillion cubic feet of technically recoverable shale gas, which would make it the 8th biggest reserve in the world.
But Libya would require these international companies for their experience with unconventional production.