Libya Seeks $30-40 Billion in Financing for Oil Sector Development

Libya's National Oil Corporation (NOC) Chairman Masoud Suleiman estimates that his country needs between $30 billion and $40 billion in financing to develop its oil and gas resources.

The NOC aims to increase oil production from the current 1.4 million barrels per day to 2 million barrels per day by 2030, a goal described as ambitious but realistic.

Suleiman stated that the lack of financing is significantly delaying development projects, prompting the NOC to consider changing its partnership model with international companies.

The corporation may return to concession agreements or improve production-sharing terms to enable investors to provide greater financing, according to Suleiman.