Libya’s Minister of Oil and Gas, Khalifa Abdul Saddeq, announced that the country requires around $4 billion in new investments to increase crude oil production to 1.6 million barrels per day by the end of 2026.
In an interview with CNBC Arabia, the minister said Libya’s current oil production stands at approximately 1.4 million barrels per day, with the government aiming to ramp up output through strategic investments and infrastructure upgrades.
“We need around $4 billion in estimated investments to raise production levels,” Abdul Saddeq stated, noting that the country’s proven oil reserves are estimated at 48 billion barrels. He added that the ministry is currently reassessing those reserves as part of a broader plan to maximise resource management and attract foreign investment.
Libya, a member of OPEC, has been striving to stabilise its oil production amid ongoing political divisions and infrastructure challenges. The sector, which serves as the backbone of the Libyan economy, has seen gradual recovery following repeated shutdowns caused by security and operational disruptions in recent years.
The minister highlighted that the government’s strategy focuses on enhancing cooperation with international oil companies and modernising production facilities to meet long-term targets.
“Stability and investment are key to sustaining and expanding Libya’s oil output,” Abdul Saddeq said, stressing that the ministry’s plans align with the country’s broader vision for economic diversification and energy sector reform.
