Libya’s economy relies heavily on oil, accounting for over 95% of its output. Credit: em_concepts / Shutterstock.

Libya is seeking an investment ranging between $3bn and $4bn to enhance its oil production capabilities, aiming to reach a production rate of 1.6 million barrels per day (mbpd), reported Reuters, citing acting oil and gas minister Khalifa Abdulsadek.

The national economy is predominantly dependent on oil, which contributes to more than 95% of its economic output.

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Before the Nato-backed uprising that led to the ousting of Muammar Gaddafi in 2011, the OPEC-member country had been producing 1.6mbpd.

The National Oil Corporation (NOC) reported that the country’s oil production reached 1.4mbpd on 17 January 2025.

Speaking at the Libya Energy and Economy Summit in Tripoli, Abdulsadek stated that the country’s goal extends beyond reaching 1.6mbpd, with aspirations to increase production to 2mbpd.

Abdulsadek said: “There is momentum in reconstruction, and this can only be achieved by increasing the production.”

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A new licence bidding round is anticipated to receive cabinet approval before the end of this month. The round is set to include three basins and between 15 to 21 blocks.

The last bidding round for oil and gas exploration concessions in Libya took place 17 years ago, as mentioned by NOC’s former chief Farhat Bengdara last month.

Bengdara, who resigned on 16 January and was succeeded by NOC board of directors member Masoud Sulaiman, highlighted that 70% of Libya’s total land area and more than 65% of its territorial waters remain unexplored.

Abdulsadek stated that the date for announcing the licensing of the bid round would be confirmed following approval by the government of national unity meeting, “as both the oil ministry and NOC have finished their work”.

He added that the government, in collaboration with its partners, would secure the $3bn-$4bn needed “not just to increase the production but to preserve the current production rates”.

Highlighting the strategic significance of the bidding round, Abdulsadek added: “Whenever there is production, there is a loss, and this loss must be compensated for by exploration.”