Libya has promising future with oil reserves- minister

Libya's oil and gas minister said Tuesday his country had a "promising future," pointing to large oil and gas reserves that he suggested could generate "enormous" wealth for the North African nation.

Speaking in the capital Tripoli, Mohammed Oun said Libya had 48 billion barrels of crude oil reserves and 52 trillion cubic feet (1.47 triillion cubic meters) of natural gas.

"We have many oil and gas discoveries that can be developed, and it is possible to open the door to foreign investments," he said.

Noting the International Energy Agency's plans to drastically reduce oil consumption and carbon emissions in the next decades, Oun stressed there was pressure on the Libyan state to "work on large projects to exploit this wealth to develop the country."

He said oil revenues, which constitute 95% of the Libya's income, should be invested in infrastructure, city development, health and education.

"The basis is for the Libyans to live a decent life, given that the oil wealth is enormous compared to the population of Libya," Oun said.

Libya's oil production is currently about 1.3 million barrels per day, and it may be increased to 1.8 million barrels per day in the coming year.