Carea emphasized the necessity for foreign investment and modern technology to develop these resources, stating, “Libya has 122 trillion cubic feet of gas that has yet to be developed. To realize this potential, we need more investors and new technology, especially for brownfield revitalization.”

Despite internal challenges, Libya’s oil and gas production has reached a decade-high of 1.6 million barrels per day (bpd), approaching its long-term goal of 2 million bpd. This resurgence is expected to bolster Libya’s economy and reinforce its position in global energy markets.

As a member of the Organization of the Petroleum Exporting Countries (OPEC), Libya ranks among the top 10 countries globally in proven oil reserves, with an estimated 48.4 billion barrels.

The NOC’s call for investment aligns with the government’s broader strategy to revitalize the energy sector. Acting Oil and Gas Minister Khalifa Abdulsadek stated that Libya requires $3-4 billion to increase oil production to 1.6 million bpd, with plans to further boost this to 2 million bpd. A new license bidding round for oil and gas exploration is anticipated to receive cabinet approval before the end of January, covering three geological basins and involving 15 to 21 blocks.

This initiative presents significant opportunities for international investors and technology providers to participate in Libya’s energy sector, contributing to the country’s economic growth and enhancing global energy security.

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