• Libya plans to raise crude oil production to 1.6 million barrels per day (bpd) by the end of 2026, up from 1.38 million bpd today.

• The state oil company NOC expects $3–4 billion in new investments to modernize infrastructure and restore production capacity.

• Libya has launched its first oil licensing round in 17 years, signaling a reopening to foreign investors.

Libya aims to lift its crude oil output to 1.6 million barrels per day by late 2026, according to local media reports on October 20. The National Oil Corporation (NOC) said current production stands at about 1.38 million barrels per day.

The target is part of a broader plan to revive the energy sector, the country’s main source of revenue. NOC estimates between $3 billion and $4 billion in investments will be needed to upgrade infrastructure and recover lost capacity.

Libyan authorities have opened talks with major international oil companies, including ExxonMobil and Chevron, local outlets reported. Discussions focus on developing new onshore and offshore blocks and optimizing output from existing fields.

At the same time, the country launched its first oil licensing round in 17 years, a move seen by analysts as a signal that Libya is reopening to foreign investment.

Hydrocarbons continue to dominate Libya’s economy. According to Coface’s 2024 country report, oil and gas account for about 90% of government revenues and 95% of exports. The Central Bank of Libya recently confirmed that petroleum income remained the main driver of state finances in 2025.

The U.S. Energy Information Administration estimates Libya’s proven crude reserves at 48 billion barrels as of December 2024, the largest in Africa.

Reaching the pre-crisis production level of 1.6 million bpd will depend on Libya’s ability to sustain political and security stability. The country remains divided between rival administrations, complicating investment efforts. Analysts say ensuring a predictable regulatory environment is essential to attract and retain foreign partners.

This article was initially published in French by Abdel-Latif Boureima

Adapted in English by Ange Jason Quenum