Libya requires between $36 billion and $40 billion in foreign investment to expand its oil industry and raise output to 2 million barrels daily by the early 2030s, according to the Financial Times, citing National Oil Corporation chairman Masoud Suleman.
The ambition to boost production to 2 million barrels daily has been a priority for the conflict-affected country, which remains heavily dependent on oil revenues.
Earlier this month, the head of the National Oil Corporation reiterated that this is the plan for the company, after the country’s parliament finally passed a unified budget for the current year.
The budget includes a $2 billion lifeline for the National Oil Corporation that will help it pursue its production growth plans.
“The era of delayed funding, which used to cause problems and concerns, both for us and our partners, is now behind us,” NOC chairman Masoud Suleman told Bloomberg in an interview earlier this month.
The National Oil Corporation is already working on its plans, having resumed oil tenders last year after almost two decades of inactivity due to a prolonged civil war.
Now, major oil companies are returning. In June, NOC formally signed exploration and production-sharing agreements with international companies including Repsol, Turkish Petroleum, Eni, QatarEnergy, and MOL, marking the country’s first major licensing push in 17 years.
