Libya Wants to Pump Far More Oil, but Needs Tens of Billions First

Libya is seeking tens of billions of dollars in capital to develop its oil industry, according to the head of the country's state oil company in an interview with the Financial Times. Libya holds Africa's largest proven oil reserves, but political instability has kept major oil companies from investing.

The country wants to pump more oil, not less. Masoud Suleman, chairman of the Libyan National Oil Corporation, says 30 to 40 billion dollars would be needed to really accelerate production. Libya currently produces roughly 1.4 million barrels a day, and Suleman aims to raise that to 2 million barrels a day by 2030 - a goal he calls "ambitious but realistic."

He points out that more than sixty discovered oil and gas fields remain undeveloped. In total, Libya holds reserves of over 48 billion barrels, placing it among the ten countries with the largest oil reserves in the world.

The country already has a broad oil industry with international players such as TotalEnergies, Chevron, and ConocoPhillips. In recent years, however, these companies have reduced their investments because of the instability in a country split between rival factions. Drone attacks on oil refineries are also a recurring problem, keeping production well below its potential.