Libya Needs Up to $40 Billion in Foreign Investment to Reach 2 Million Bpd Oil Output by Early 2030s

According to the Financial Times, cited by Oilprice.com on Sunday, 24 Mordad 1405 (August 16, 2026), Libya's National Oil Corporation (NOC) chairman Masoud Suleman said the country needs 36 to 40 billion dollars in foreign investment to expand its oil industry and raise output to 2 million barrels per day by the early 2030s.

Under a unified budget recently passed by Libya's parliament, 2 billion dollars has been earmarked for NOC to support its production growth plans. Oilprice.com reported that NOC resumed oil tenders last year after nearly two decades of inactivity, and in June finalized exploration and production sharing agreements with Repsol, Turkish Petroleum, Eni, QatarEnergy and MOL. BP, Shell, Exxon and Chevron are also returning to Libya as the security situation improves somewhat, though oil facilities remain a target of drone attacks by various groups.