The acting Minister of Oil and Gas in the Government of National Unity (GNU), Khalifa Abdulsadek, has confirmed that the ministry’s goal is not just that an oil production reaches of 1.6 million b/d this year but to increase the daily output to two million barrels.
However, in a statement to Reuters, the minister said that Libya needs between $3 billion and $4 billion in investment to ensure a production rate of 1.6 million b/d, adding that the Council of Ministers is expected to approve the new bidding round before the end of January.
Abdulsadek noted that the Libyan economy relies heavily on oil, as it accounts for more than 95% of its financing, and that the growing reconstruction plans can only be achieved by increasing production.
At the opening of the Libya Energy and Economic Summit 2025 on 18 January, the GNU prime minister, Abdul-Hamid Dabaiba, had stressed his government’s commitment to supporting the energy sector. He pointed to the efforts made by the government to overcome the challenges faced by the oil and gas sector but that oil production had reached 1,413,372 b/d and gas production recording 210,586 barrels of oil equivalent a day.
