Libya Calls for US$40bn to Kickstart Oil & Gas Resurgence Libya should be one of the planet’s oil and gas superpowers. It has by far the largest proven hydrocarbon reserves of any African country, ranking ninth in the world overall. For much of the past two decades, however, Libya’s domestic energy sector has been hampered by politics and conflict. In the 15 years since the Arab Spring, when Muammar Gaddafi was overthrown by rebels, Libya has scarcely experienced a period of extended peace. It is not all-out civil war, but the country remains divided into rival factions whose militia have clashed on and off for years. Many foreign investors have been cautious about Libya as a result, though that concern is softening this year. Tripoli is seeking fresh investment of between US$30bn and US$40bn to further kickstart its energy economy. That figure comes from Masoud Suleman, Chair of Libya's National Oil Corporation (NOC), who spoke to the Financial Times this week. During his interview, he spoke about the 60+ discovered oil and gas fields that remain undeveloped for lack of capital. For Masoud and the Libyan Government, the “ambitious but realistic” target is to lift production to two million barrels a day by 2030, up from around 1.4 million barrels a day today. Momentum already building The push for fresh capital follows a year of genuine recovery for Libya's energy sector. Libya's average crude output of 1.4 million barrels a day through 2025 was its highest level in 12 years. In January, several of the world’s largest energy companies agreed terms of investment with the Libyan Government too. TotalEnergies and ConocoPhillips signed a 25-year development agreement with the government, while Eni and Chevron also signed deals for offshore exploration. Speaking at the Libyan Energy & Economic Summit (LEES) at the