Libya Seeks Billions for Oil Revival Amid Security Risks
Libya is seeking significant investment to revive its oil and gas sector after years of turmoil. The country aims to attract between $30 billion and $40 billion in foreign capital to develop over 60 untapped fields, raise crude production to two million barrels per day by 2030, and modernize ageing infrastructure.
The National Oil Corporation (NOC) is reconsidering its existing production-sharing agreements with international investors. The current model requires the state oil company to finance part of development costs, potentially delaying projects when government funding is unavailable. Libya is considering concession-style agreements or revised production-sharing terms that would allow international partners to shoulder more upfront costs.
The NOC has already awarded exploration blocks to companies including Chevron, Eni, QatarEnergy, and Repsol. A recent agreement with Qatar-based UCC Holding for Area 47 is expected to attract around $1 billion in investment. However, security risks remain a major obstacle, with a drone attack on the Zawiya refinery damaging fuel storage facilities and disrupting operations.