Libya Seeks Up to $40 Billion to Boost Oil Output to 2 Million Bpd
4 Articles
4 Articles
Libya is seeking tens of billions of dollars in capital to develop its oil industry, the head of the Libyan state oil company said in an interview with the business newspaper Financial Times. Libya has the largest proven oil reserves in Africa, but the country is burdened by political instability, causing investments by major oil companies to lag behind.
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 on oil revenues. Earlier this month, the head of t…
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Libya’s growing importance to US energy strategy is being tested by renewed security and political instability, just as Washington looks to the North African country as a potential source of additional oil amid disruptions to Gulf supplies caused by the war with Iran. Libya holds Africa’s largest proven oil reserves and produced around 1.44 million barrels per day in June, its highest level since 2013. Washington sees considerable room for furth…
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