Libya Seeks $40 Billion Investment to Boost Oil Production

Libya, Africa's second-largest oil producer by reserves, is seeking up to $40 billion in investment to rebuild its oil sector and strengthen its role as a supplier to Africa's refining industry and global energy markets. The country aims to increase crude production from the current 1.4 million barrels per day (bpd) to 2 million bpd by 2030.

The investment drive comes as Libya attempts to restore growth in an industry affected by years of political instability, underinvestment, and security challenges. With Africa's largest proven crude oil reserves estimated at about 48 billion barrels, Libya remains one of the continent's most important oil producers.

Major buyers of Libyan oil have included Italy, Germany, Spain, France, Greece, and the Netherlands, with European markets remaining among the country's biggest destinations. Before the 2011 uprising that removed Muammar Gaddafi from power, Libya produced more than 1.6 million barrels per day (bpd), with much of its crude flowing to European markets.