Libya’s Tripoli based Ministry of Oil and Gas announced last Wednesday (6 May) that Libya had joined the World Bank’s initiative to eliminate Routine Gas Flaring by 2030 – saving about US$ 650 million per year.
This Zero Routine Flaring (ZRF) by 2030 Endorsement by Libya is part of the Global Flaring and Methane Reduction (GFMR) Partnership.
The signing took place on Wednesday 30 April at the World Bank’s headquarters in Washington, D.C., during the Libyan government’s high-level delegation visit to the US Capitol.
The Ministry said the step reflects the country’s orientation towards enhancing the efficiency of the exploitation of natural resources and supporting sustainable development paths.
The signing took place in the presence of Minister of Oil and Gas, Khalifa Abdel Sadig, accompanied by the Minister of Transport / PM’s Special Advisor, Mohamed Al-Shahoubi, the Minister of Economy and Trade, Suhail Abu Shiha, Director General of the National Mining Corporation, Faraj Al-Shandouli, and Director of the International Cooperation Office at the Ministry of Oil and Gas, Mohamed Zeid.
Libya burned about 6.3 billion cubic meters of gas in2024 – wasting about $650 million
The Ministry of Oil and Gas said this accession comes within the framework of reducing the waste of resources and maximizing the use of associated gas, as it is estimated that Libya has burned about 6.3 billion cubic meters of gas during 2024, representing a wasted economic value estimated at about $650 million.
The discussions also addressed ways to implement an integrated action plan to support the trend towards reducing routine flaring, through technical support programmes, capacity building, and policy consultations, in order to enhance the role of the oil and gas sector in supporting the national economy and achieving environmental sustainability.
The Ministry said this accession reflects Libya’s commitment to keep pace with international efforts in the fields of energy and the environment, and to support the goals of national initiatives aimed at achieving greater efficiency and sustainability by 2030
