Libya seeks $40 billion for oil and gas expansion

Libya is seeking between $30 billion and $40 billion to develop over 60 discovered oil and gas fields. Masoud Suleman, president of the National Oil Corporation (NOC), announced the initiative to boost production from 1.4 million barrels per day to 2 million barrels per day by 2030. This move follows the reopening of blocks to foreign companies for the first time in seventeen years, though investment from major firms like ENI and TotalEnergies has slowed due to liquidity issues, governance concerns, and political instability.

Simultaneously, Tunisia and Libya are relaunching a joint energy project to explore a 3,000 km² offshore zone in the Gabès-Tripoli basin. Managed by the joint venture Joint Oil, the project aims to develop the Zarat discovery, which spans the maritime border between the two nations. The selection process for international partners is expected to begin in September 2026, with final contract awards projected by April 2027.