Libya Aims for 2 Million Bpd with $36-$40 Billion Investment Push

Libya is seeking between $36 billion and $40 billion in foreign investment to boost its oil output to 2 million barrels per day (bpd) by the early 2030s, according to National Oil Corporation chairman Masoud Suleman.

The country's parliament recently passed a unified budget for the current year, which includes a $2-billion lifeline for the National Oil Corporation to help it pursue its production growth plans.

This budget aims to address Libya's long-standing issue of delayed funding, which has hindered investment in the oil and gas sector.

Despite ongoing security concerns, international companies such as Repsol, Turkish Petroleum, Eni, QatarEnergy, and MOL have already signed exploration and production-sharing agreements with the National Oil Corporation.