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Libya seeks $36 billion to $40 billion for oil output to 2 million bpd

Libya’s unified budget includes a $2 billion lifeline for the National Oil Corporation, aimed at supporting production expansion plans.

Reported · Written up by our desk · Energy

Libya is seeking between $36 billion and $40 billion in foreign investment to expand its oil industry and lift output to 2 million barrels per day by the early 2030s, according to reporting cited by OilPrice that quotes National Oil Corporation chairman Masoud Suleman.

The investment target is tied to Libya’s dependence on oil revenues, and follows a change in funding conditions after the country’s parliament passed a unified budget for the current year.

OilPrice also notes that the budget includes a $2 billion lifeline for the National Oil Corporation to support its production growth plans and improve its ability to attract investors.

OilPrice further reports that the National Oil Corporation has been resuming activity, including restarting oil tenders last year after nearly two decades without tenders during the civil war period, and that the company had signed exploration and production-sharing agreements in June.

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