Libya Targets $40 Billion Investment to Double Oil Production

The path forward relies on a newfound fiscal stability following the passage of a unified national budget. This legislative move provides a $2-billion infusion for the National Oil Corporation, effectively ending years of delayed project financing that previously deterred international partners. With this backing, the state entity is aggressively pursuing growth, having resumed oil tenders for the first time in nearly two decades.

Global energy giants are responding to the shift. In June, the NOC finalized exploration and production-sharing agreements with Repsol, Eni, Turkish Petroleum, QatarEnergy, and MOL. Industry heavyweights including BP, Shell, Exxon, and Chevron are also re-engaging as the security landscape slowly stabilizes. Despite the momentum, the industry remains volatile; recent drone strikes forced the declaration of force majeure at a key export terminal, underscoring the persistent risks facing investors in the continent’s most resource-rich nation.