Libya Seeks $4 Billion Investment for Oil Production Boost

Libya's acting oil and gas minister, Khalifa Abdulsadek, announced the country requires $3 to $4 billion to boost its oil production to 1.6 million barrels per day (bpd) and to ultimately reach 2 million bpd. This announcement came during the Libya Energy and Economy Summit in Tripoli, where he detailed plans for a new licensing round expected to be approved by the cabinet by the end of January. The bidding round will cover several sedimentary basins and marine areas, marking Libya's first such initiative in 17 years. Oil is critical to the Libyan economy, constituting over 95% of its output, and the government’s focus on increasing production is part of broader reconstruction efforts post-conflict. Additionally, the minister emphasized the need for financing to access new technologies and services necessary for achieving these production goals. Overall, the strategy aims to tap into Libya's vast untapped resources, with significant potential for impacting global oil markets.