Summary:

On 18 August 2026, Libya’s National Oil Corporation (NOC) announced that the country needs between $30 billion and $40 billion in investment to develop new oil and gas resources and raise crude production to 2 million bpd by 2030, according to NOC Chairman Masoud Suleman, days after a series of drone attacks targeted oil and power infrastructure in Zawiya. 

The attacks between 9 and 12 August hit fuel storage tanks and other facilities at the Zawiya energy complex before a subsequent strike destroyed a nearby electricity substation, prompting the NOC to warn that continued drone attacks could force it to declare force majeure. 

Against this backdrop, Suleman said more than 60 discovered oil and gas fields remain undeveloped and that the NOC is considering concession-style agreements that would require international investors to assume a greater share of upfront development costs. 

Outlook: 

The NOC is likely to prioritize mechanisms that can expand Libya’s production capacity and attract foreign capital rather than become directly involved in the country’s wider political disputes, as prolonged instability could raise investor concerns and limit the funding needed to develop new fields. 

Its consideration of concession-style agreements reflects this focus, by shifting more of the upfront financial burden to international companies while offering them a greater role in development. However, continued attacks on energy infrastructure could work against this strategy by increasing the perceived risks of operating in Libya and making foreign investors more cautious about committing capital. 

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