Libya Requires Up to $40 Billion to Develop Oil and Gas Resources, Aims for 2 Million BPD by 2030
Libya requires investments of up to $40 billion to develop its oil and gas resources as the country seeks to reclaim its position as one of the world's leading crude producers, according to statements made by the Chairman of the National Oil Corporation (NOC) to the Financial Times.
Libya holds the largest proven oil reserves on the African continent, according to the U.S. Energy Information Administration (EIA). In recent years, the nation has succeeded in attracting a substantial number of international oil companies (IOCs) exploring new opportunities.
However, Masoud Suleiman, Chairman of Libya's NOC, stated that a severe lack of capital has severely hindered progress in developing the country's vast resources.
In his interview with the Financial Times, Suleiman emphasized that Libya possesses "a lot of untapped resources" and urgently requires significant funding ranging between $30 billion and $40 billion.
Production Targets and Untapped Potential
Suleiman outlined a strategic goal that he described as "ambitious but realistic": boosting Libya's crude oil production to 2 million barrels per day (bpd) by 2030, a significant increase from the current output of approximately 1.4 million bpd. He noted that there are currently more than 60 discovered oil and gas fields that have yet to enter the development phase.
The table below outlines Libya's current energy sector metrics and future strategic targets:
Metric / Focus AreaCurrent Status & Future Targets
Required Capital Investment$30 Billion – $40 Billion
Current Oil Production~1.4 Million barrels per day (bpd)
2030 Target Production2.0 Million barrels per day (bpd)
Untapped DiscoveriesOver 60 discovered oil and gas fields awaiting development
Major Foreign OperatorsEni, TotalEnergies, Chevron, ConocoPhillips
Headwinds for International Investment
While major foreign energy conglomerates such as Eni, TotalEnergies, Chevron, and ConocoPhillips remain active in Libya, the pace of investment has slowed down considerably. This deceleration is primarily driven by ongoing political instability, persistent concerns regarding corruption and governance, and the chronic funding shortfalls experienced by the National Oil Corporation itself.