KEY POINTS
- Libya’s NOC is hosting a joint Libyan-U.S. energy forum with Freedom First to draw U.S. investment into oil and gas.
- ExxonMobil’s recent deal with NOC signals a cautious re-entry of major U.S. players after a decade of instability.
- Libya hit 1.4 million barrels per day in 2024 and aims for 2 million, with 22 new exploration blocks on offer in 2025.
Libya’s National Oil Corporation, NOC, is preparing to host a landmark joint energy forum with American investors, a move designed to restore confidence and channel fresh capital into a sector still scarred by years of war and instability.
The gathering, set for later this year in partnership with U.S.-based Freedom First, will bring together executives from leading American energy firms, Libyan stakeholders, and government officials.
Organisers say the aim is not just to court investment but to build longer-term partnerships in oil and natural gas—an industry that remains Libya’s economic lifeline.
The initiative follows the state oil company’s recent memorandum of understanding with ExxonMobil, its most significant U.S. engagement in more than a decade. Security concerns and political unrest had kept major foreign firms on the sidelines since Libya descended into conflict in 2014.
Production Rebounds but Uncertainty Lingers
Despite its fractured political landscape, Libya has quietly staged a comeback in oil production. Output climbed to 1.4 million barrels a day in 2024, the highest since 2013, according to government figures.
The NOC says it is targeting 2 million barrels a day in the coming years—a bold ambition given the country’s fragile security environment.
To sustain momentum, officials plan to auction 22 new onshore and offshore exploration blocks in 2025.
The offering is being pitched as a chance for foreign partners, particularly U.S. firms, to re-establish a foothold in one of Africa’s most resource-rich but volatile markets.
For Libya, the stakes are high: the forum could mark the beginning of a broader reopening of its energy sector, or serve as yet another reminder of how quickly progress can unravel in the absence of stability.
