- Libya’s oil and gas industry is on the cusp of accelerated growth, supported by rising investor confidence, new licensing opportunities and strengthening global interests.
- Libya was described as a “high priority” for the current US administration during the US-Libya roundtable at the READ 2026 conference.
- During the talks between France and Libya, TotalEnergies confirms that it is targeting final investment decisions by the end of 2026 for the North Gialo 6J oil development and the 500 MW Sadada solar project.
- The long-standing energy ties between Italy and Libya were strengthened at the Italy-Libya Roundtable, while K.-Libya’s commitments highlight Libya’s plans to launch a second upstream licensing round.
As the energy security debate heats up globally, Libya is entering a new phase of development marked by renewed investor confidence, stronger international partnerships and a clear focus on moving projects from ambition to implementation.
This momentum was on full display during the 2026 edition of the Libya Energy and Economic Summit (READ), where high-level engagements with the US, France, Italy and the UK underlined the growing global willingness to invest in and cooperate with Libya on upstream, gas and energy priorities.
Through a series of targeted roundtable discussions, READ 2026 delivered a clear message to international investors: Libya is open for business.
US-Libya: strategic priority and expansion of commercial footprint
Libya was described as a “high priority” for the current US administration at the US-Libya Roundtable, with officials pointing to rising US investment, a growing presence of US energy companies and the strategic importance of Libya’s revival.
The session, convened by the U.S. Chamber of Commerce, highlighted the opportunities associated with Libya’s ongoing licensing round and the National Oil Corporation’s multibillion-dollar development program, with U.S. operators and service providers demonstrating continued commitment to production growth, technology deployment and workforce development.
France-Libya: Project Momentum and institutional cooperation
The France-Libya Roundtable, sponsored by Business France, highlighted both progress at project level and deeper institutional alignment. TotalEnergies confirmed that it is targeting final investment decisions by the end of 2026 for the North Gialo 6J oil development and the 500 MW Sadada solar project, reinforcing France’s dual focus on hydrocarbons and renewables in Libya.
At the same time, the Libyan Council for Oil, Gas and Renewable Energy and Business France signed a memorandum of understanding to strengthen cooperation between French and Libyan companies, considering a potential joint venture to support energy investments and project development.
Italy-Libya: from hydrocarbons to energy generation
The long-standing energy ties between Italy and Libya were strengthened during the Italy-Libya roundtable, where participants called for expanded cooperation in oil, gas and power generation. Italy was positioned as a natural partner for Libya’s next phase of growth, combining operational experience, technical capacity and geographical proximity.
Discussions highlighted ongoing gas developments, initiatives to reduce flaring and growing interest in electricity generation and infrastructure rehabilitation.
UK-Libya: second licensing round anchors the upstream strategy
The Britain and Libya Roundtable, convened by the Libya British Business Council, focused on Libya’s plans to launch a second upstream licensing round, positioning licensing continuity as a cornerstone of the country’s strategy to maintain production and attract long-term investment.
Libyan Oil and Gas Minister Dr Khalifa Abdulsadek said strong global interest in the current licensing round – launched in 2025, with results expected soon – has strengthened confidence in maintaining a regular, structured approach to area supply. He also highlighted parallel initiatives targeting marginal fields, unconventional resources and underdeveloped acreage.
Libya’s oil and gas potential: the numbers investors should be looking at
- Libya has the largest proven oil reserves in Africa, estimated at 48.36 billion barrels from 2025accounting for 41% of the continent’s total and ranking 10th globally with 2.74% of world reserves.
- The country’s oil production averaged 1.2 million barrels per day in 2024, but political instability has kept it below the potential level of 2 million barrels per day.
- Libya’s domestic oil consumption is approximately 300,000 barrels per day, leaving most of the production for export revenue.
- Libya’s proven natural gas reserves total approximately 53 trillion cubic feet in 2024, representing significant untapped potential amid infrastructure challenges.
- Natural gas production was approximately 400 billion cubic feet in 2023, although flaring was 240 billion cubic feet, placing Libya seventh globally in gas flaring.
- Oil and gas contributes over 95% of Libyan export earnings and 60% of GDP, underscoring the sector’s dominance despite underutilized reserves due to conflict.
- Political instability and militia attacks have hampered investment, but stabilization could boost oil production to 2 million barrels per day by 2027.
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