Libya needs as much as $40bn of investment to develop its oil and gas resources and restore itself as a major crude producer, according to Masoud Suleman, chair of the National Oil Corporation (NOC). The country holds Africa’s largest proven reserves and has attracted majors such as Eni, Total Energies, Chevron and Conoco Phillips, but political instability, corruption concerns and funding shortages have slowed progress.

Suleman targets an “ambitious but realistic” goal of raising output to 2mn barrels a day by 2030, up from about 1.4mn b/d today, with more than 60 discovered but undeveloped fields. Recent drone strikes on the Zawiya refinery highlight security risks, though Suleman says oil sites lie beyond tension zones. NOC is considering shifting from production‑sharing to concession‑style agreements to ease its financing burden, and in July signed a direct deal for Area 47 with Qatar‑based UCC Holding, led by the Al‑Khayyat brothers.

Fragmented politics complicate capital attraction: most major fields lie in areas controlled by Khalifa Haftar in the east, while the UN‑recognised Government of National Unity in Tripoli relies on a patchwork of militias. Smuggling of subsidised fuel, protected by political elites, drains revenue, and Suleman warns it could lead to economic collapse without immediate action.