Libyan official: $40B needed for oil development

The article highlights Libya's need for $40 billion in investments to develop its vast oil resources. The country possesses more than 60 undeveloped oil and gas fields and currently produces around 1.4 million barrels per day, holding Africa's largest oil reserves. The Libyan oil sector faces challenges related to political instability and lack of funding, which hinder development operations and delay the achievement of the goal to reach two million barrels per day by 2030—an ambitious yet considered realistic target by officials. International oil companies such as Chevron and Total operate in Libya, but the pace of investment remains slow due to ongoing conflicts and attacks on oil facilities, including assaults on the Zawiya refinery that led to a force majeure declaration. To address these issues, the National Oil Corporation is contemplating revising its contracting system with companies to increase funding and bolster the development of the country's enormous oil resources.

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