Libya Needs Up to $40 Billion to Boost Oil Output, NOC Chief Says

TRIPOLI — Libya needs between $30 billion and $40 billion in investment to develop new oil and gas resources and raise crude production from around 1.4 million barrels per day to 2 million by 2030, according to National Oil Corporation Chairman Masoud Suleman. More than 60 discovered oil and gas fields remain undeveloped due to a lack of capital.

Major international companies, including Eni, TotalEnergies, Chevron and ConocoPhillips, are expanding their activities in Libya, but investment remains constrained by political instability, security concerns and funding shortages.

The NOC is considering new investment models that would require foreign companies to cover more of the upfront development costs.

Suleman also pointed to security risks, fuel smuggling and heavily subsidised domestic fuel prices as major challenges facing Libya’s oil sector and its wider economy.