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Market Chatter: Libya Seeks Up to $40 Billion to Revive Oil Sector

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Libya is seeking up to $40 billion in investment to develop over 60 discovered but undeveloped oil and gas fields as it seeks to raise crude output to 2 million barrels per day by 2030, the Financial Times reported on Tuesday.

The National Oil Corporation Chairman Masoud Suleman reportedly told the news outlet that Libya, Africa's largest holder of proven oil reserves, currently produces about 1.4 million barrels per day. But political divisions, security risks, corruption concerns and funding shortages have deterred investment.

The NOC is considering concession-style deals that shift more upfront costs to investors and plans to appoint external auditors to strengthen transparency.

NOC did not immediately respond to a request for comment from.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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