Libya seeks up to USD 40 billion to develop oil and gas resources

Libya is seeking between USD 30 billion and USD 40 billion in foreign investment to modernize its aging energy infrastructure and develop more than 60 untapped oil and gas fields. Masoud Suleman, chairman of Libya’s National Oil Corporation (NOC), stated that the goal is to increase crude production to two million barrels per day by 2030.

Libya currently produces approximately 1.4 million barrels per day and holds Africa’s largest proven crude reserves, estimated at 48 billion barrels. To attract international investors, the NOC is considering revising existing production-sharing agreements, moving toward concession-style models to alleviate the financial burden on the state company.

Despite the potential, significant obstacles remain, including political instability and security risks. Recent drone attacks on refineries and power substations have disrupted operations, and security concerns have previously led companies like GE to suspend technical work in the region.