Libya aims to attract $40B for oil development

Libya has aimed to attract investments ranging between $30 billion and $40 billion to develop its untapped oil and gas resources, with the goal of restoring its position as one of the top oil producers globally. The country possesses more than 60 oil and gas fields that have yet to be exploited, with a target to increase oil production to two million barrels per day by 2030, compared to the current 1.4 million barrels. Despite its significant resources, Libya faces challenges such as a lack of funding and political divisions, which hinder the progress of developing its oil sector.

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