Libya seeks investment, technology to unlock vast oil and gas potential

TRIPOLI, Libya

Libya’s National Oil Corporation (NOC) on Sunday called for increased investment and advanced technology to harness the country's vast untapped oil and gas reserves.

During a session titled "Unlocking Libya - the Next Frontier for Exploration and Investment" at the Libya Energy and Economic Summit 2025, Bashir Carea, senior advisor to the NOC chairman, highlighted the North African country's significant energy potential.

“We have 48 billion barrels of discovered but unexploited oil, with total potential estimated at 90 billion barrels, especially offshore,” Carea said.

Pointing to Libya's vast natural gas reserves, he said, "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."

Libya, Africa’s oil-rich nation

Despite ongoing internal strife, Libya's oil and gas production exceeded a decade high of 1.6 million barrels per day (bpd), falling just short of its long-term target of 2 million bpd.

This recovery is projected to boost Libya's economy and strengthen its position in global energy markets.

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, according to OPEC data.