Libya Seeks Up to $40 Billion to Boost Oil Output to 2 Million Bpd
Libya needs between $36 billion and $40 billion in foreign investment to expand its oil industry and raise output to 2 million barrels daily by the early 2030s, the Financial Times has reported, citing National Oil Corporation chairman Masoud Suleman. The ambition to boost production to 2 million barrels daily has been front and center for the conflict-torn country that remains heavily dependent…
Libya is seeking between $36 billion and $40 billion in foreign investment to expand its oil industry and increase production to 2 million barrels daily by the early 2030s, according to the Financial Times. The National Oil Corporation's (NOC) chairman, Masoud Suleman, made this claim after the country's parliament passed a unified budget for the current year, which includes a $2-billion lifeline for the NOC.
Suleman stated that the era of delayed funding, which caused problems and concerns for both the NOC and its partners, is now behind them. The NOC is already resuming oil tenders, following a 17-year hiatus due to the protracted civil war that drove most international oil companies out of the North African country. Recently, BP, Shell, Exxon, Chevron, Repsol, Turkish Petroleum, Eni, QatarEnergy, and MOL signed exploration and production-sharing agreements with NOC, marking their first major licensing push in Libya in 17 years.
However, the security situation in Libya remains unstable, with recent drone strikes forcing NOC to declare force majeure on an oil export terminal.
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