National Oil Corporation (NOC) Chairman Masoud Suleman said in an interview with the Financial Times that Libya needs between $30 billion and $40 billion in investment to develop new oil and gas resources and raise crude production to 2 million barrels per day by 2030.
Suleman said Libya has significant untapped resources, but a lack of capital remains a major barrier to development, with more than 60 discovered oil and gas fields still undeveloped.
Libya currently produces around 1.4 million barrels per day, with the NOC targeting an increase to 2 million bpd by 2030.
Reaching this target would strengthen Libya’s position among major global crude producers, but achieving it will require significant investment to develop new fields and expand production capacity.
Several international energy companies have returned to Libya or expanded their activities in the country, including Eni, TotalEnergies, Chevron and ConocoPhillips.
The return of these companies reflects continued international interest in Libya’s oil and gas resources. However, investment remains constrained by political instability, security concerns, governance challenges and funding shortages at the NOC.
The NOC is considering changes to its investment model, including a possible return to concession-style agreements, which could require international investors to take on a larger share of upfront development costs.
The move follows a July agreement between the NOC and Qatar-based UCC Holding to develop an exploration and production area. The agreement was reached through direct negotiations rather than a competitive licensing round, with UCC Holding and its partners expected to finance the project.
The approach could give international investors a greater role in financing and developing new oil and gas projects in Libya, as the NOC looks for ways to attract the capital needed to bring more fields into production.
The scale of the investment needed points to opportunities extending beyond oil production itself. Developing new fields will require capital, technology, infrastructure and a wide range of supporting services.
This could create opportunities across Libya’s wider energy value chain, particularly in energy services, engineering, infrastructure, technology and logistics.
For Libya, attracting this investment could help turn its existing resource base into productive assets, increase production and strengthen oil revenues. For international companies, it points to a growing market for the expertise and services needed to support the country’s next phase of energy development.
These opportunities will also be explored at the Misurata Energy & Business Summit 2026, taking place in Misurata on 16-17 November, where businesses, investors and industry leaders will come together to discuss the investment, infrastructure and energy-service opportunities emerging across Libya’s energy sector.
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