Lates News

According to the Financial Times, the head of Libya's National Oil Corporation stated that Libya requires up to $40 billion in investments to develop its oil and gas resources in order to regain its status as one of the world's major crude oil producers. According to data from the U.S. Energy Information Administration, the country has the largest proven oil reserves in Africa and has attracted many international oil companies seeking new investment opportunities in recent years. However, Masoud Suleman, chairman of the National Oil Corporation, indicated that a lack of funds is hindering progress. He said, "We have a lot of undeveloped resources. We need a significant amount of funding, approximately between $30 billion and $40 billion." Suleman's goal is to increase Libya's oil production from the current 1.4 million barrels per day to 2 million barrels per day by 2030. He noted that over 60 oil and gas fields have been discovered but remain undeveloped. Foreign companies, including Eni, TotalEnergies, Chevron, and ConocoPhillips, are operating in Libya, but investment progress has been slow.