NOC urges investment, innovation to harness Libya’s energy potential

2025-01-20 12:52:02

(MENAFN) Libya’s National Oil Corporation (NOC) urges greater investment and modern technology to capitalize on the nation’s vast untapped oil and gas reserves, as announced on Sunday.

Speaking at the Libya energy and Economic Summit 2025 during a session titled "Unlocking Libya - the Next Frontier for Exploration and Investment," Bashir Carea, senior advisor to the NOC chairman, spotlighted Libya’s immense energy opportunities.

“We have 48 billion barrels of discovered but unexploited oil, with total potential estimated at 90 billion barrels, especially offshore,” Carea noted.

He also emphasized the importance of Libya’s extensive natural gas resources, stating, "Libya has 122 trillion cubic feet of gas that has yet to be developed. To realize this potential, we need more investors and new technology, especially for brownfield revitalization."

Despite ongoing domestic challenges, Libya's oil and gas production recently reached over 1.6 million barrels per day (bpd), marking its highest level in over a decade and nearing its goal of 2 million bpd.

This resurgence is expected to enhance Libya’s economic growth and reinforce its role in the global energy landscape.

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