Libya seeks to attract up to $40 billion in investments to develop its oil and gas resources and boost oil production to 2 million barrels per day by 2030, a target that will depend on developing new fields and attracting foreign capital.
Currently, the country produces around 1.4 million barrels per day. Masoud Suleman, chairman of Libya’s National Oil Corporation (NOC), estimates that between $30 billion and $40 billion will be needed to expand the sector’s capacity.
Libya seeks to boost oil production to 2 million barrels per day
Meanwhile, the oil strategy includes developing some of the more than 60 discovered oil and gas fields that have not yet entered production. This portfolio offers room to increase crude supply over the coming years.
The plan will also require investments in wells, processing facilities, pipelines, storage, and export terminals. Part of the infrastructure has suffered years of underinvestment while some mature fields face a natural production decline.
Thus, reaching 2 million barrels per day means adding approximately 600,000 barrels per day above current levels.
NOC seeks to attract more foreign investment
Furthermore, financing has become a central focus of the strategy. The unified national budget for 2026 allocated more than $2 billion to the NOC after years marked by delays in fund availability.
The contractual model could also change. Under certain production-sharing agreements, the state-owned company must contribute its share of development costs. The lack of resources has delayed projects and limited the capacity to develop new fields.
Therefore, the NOC is studying the reintroduction of concession contracts or modifying current terms to allow international investors to assume a larger share of initial outlays.
International oil companies return to Libya
Meanwhile, Libya is once again attracting interest from major energy companies. The NOC resumed licensing rounds after years of low activity and opened new exploration and production opportunities.
Companies such as Eni, Repsol, QatarEnergy, Turkish Petroleum, and MOL have participated in new agreements linked to the 2025 licensing round. Other international companies also maintain or are studying opportunities in the Libyan oil market.
The return of international capital is key to developing untapped reserves and restoring infrastructure. It also brings the technology and operational capacity needed to increase oil and gas production.
Security continues to condition oil expansion
However, the political and security landscape remains one of the main risks. Libya remains divided between rival administrations, and some of its strategic fields and facilities are located in areas controlled by different actors.
The drone attacks recorded against energy facilities also highlight the vulnerability of the infrastructure. The Zawiya refinery was one of the assets recently affected, while terminals, pipelines, and fields remain exposed to disruptions.
Therefore, the target of 2 million barrels per day will depend on combining foreign investment, field development, stable financing for the NOC, and operational security. With a still ample resource base, Libya is attempting to convert its oil potential into new productive capacity over the coming years.
Source: Oil Price
Photo: Shutterstock
