Global energy companies are quietly increasing their focus on Libya, seeing the North African producer as a more attractive and potentially profitable destination than Venezuela, despite ongoing political uncertainty, according to a new report by Bloomberg.
The report says that while international attention has recently centered on the prospects of a revival in Venezuela’s oil industry following the fall of President Nicolás Maduro in early 2026, major oil firms are increasingly viewing Libya as the more realistic near-term growth opportunity.
Although Venezuela holds the world’s largest proven oil reserves, Bloomberg notes that decades of underinvestment, sanctions, and technical degradation have left its infrastructure in poor condition. Restoring and expanding production there would require years of work and billions of dollars in fresh capital, making rapid output growth unlikely in the short to medium term.
By contrast, Libya is seen as having a stronger operational base. Despite more than a decade of conflict and political division, the country has managed to maintain crude production at around 1.2 million barrels per day. Bloomberg highlights that Libya’s existing pipelines, export terminals, and fields could support faster production increases if a minimum level of political stability continues and if rival institutions move closer to unification.
The report adds that several leading international oil companies are already reinforcing their presence in Libya. Italy’s Eni, France’s TotalEnergies, and the United States’ ConocoPhillips are among the firms expanding activities, attracted by Libya’s light, sweet crude, which is cheaper and easier to refine than the heavy oil produced in Venezuela.
Libyan crude is also valued for its proximity to European markets, offering lower transportation costs and quicker delivery times at a moment when Europe is seeking to diversify energy supplies and reduce dependence on more distant or politically sensitive sources.
Bloomberg describes both Libya and Venezuela as high-risk, high-reward environments. However, it concludes that Libya currently offers a more compelling balance of risk and return, given the relative quality of its oil, the repairable state of its infrastructure, and the availability of experienced local technical institutions capable of supporting rapid project execution once political conditions allow.
