Libya

Africa's largest proven reserves. The recovery is accelerating. The opportunity window is now.

The country today

Libya spans 1.76 million square kilometers with 7 million people. Oil reserves are 48.4 billion barrels — the largest in Africa. Gas reserves are 1.9 tcf. Oil production hit a 10-year high in 2025. The NOC formally returned to international upstream licensing in February 2026 for the first time since 2007.

Energy — oil and gas

Current production is 1.38–1.41 million barrels a day — a 10-year high. Oil revenues jumped 18 percent in 2025 to nearly $22 billion. The NOC targets 1.6 million bbl/d by end-2026 and 1.8 million bbl/d by 2027. Eni confirmed the Bahr Essalam gas project will come online by end-Q1 2026. Chevron was awarded the Sirte 4 basin block in February 2026. Approximately 95 percent of reserves are onshore in the Sirte Basin.

The blue economy

Libya has 1,970 km of Mediterranean coastline. Aquaculture is a frontier sector. In April 2026, the Ministry of Marine Resources signed a cooperation agreement with UNDP to advance Libya's blue economy strategy. Blue economy is C-tier, 18 months out or later.

The Norwegian corridor

Norway maintains formal diplomatic relations and has pledged significant support to UNDP peacebuilding efforts. Saga Petroleum held licenses in Libya in the 1990s — this legacy relationship is known to the NOC.

What Saga sees

Libya is the highest-upside market. The Sirte Basin's reserves are tight-carbonate, high-water-cut, mature brownfields. IOC re-entry is accelerating. First pilot execution is realistic within 12 months; full-scale implementation 12–24 months.

How we work

Saga carries the Saga Petroleum legacy and the relationships that come with it. We provide market entry, commercial representation, due diligence, ministry liaison, and deal structuring.

At a glance

Population: 7 million
GDP: $50 billion (post-conflict recovery)
Hydrocarbons: Oil 48.4 bn barrels (Africa's largest); Gas 1.9 tcf
Principal NOC: National Oil Corporation (NOC)
Norwegian footprint: Norway peacebuilding and UNDP support; Saga Petroleum legacy (1990s)
Saga focus areas: Sirte Basin brownfield optimisation, Chevron Sirte 4 completion advisory, NOC asset-redevelopment strategy, Deepwater exploration support

Related intelligence

2026-10-26 — Libya/Gas flaring reduction: Brega gas processing unit returns to service
2026-10-25 — Resumption of operations at the Brega refinery, owned by the Sirte Oil Production Company, following a long shutdown
2026-10-25 — Al-Zawiya Oil Refining Company … extension of the pre-qualification call for companies specialized in internet and communications services
2026-10-25 — Az-Zawiya Oil Refining Company… invitation to participate in a public tender
2026-10-25 — Malitah Oil and Gas B.V. — Tender No.: PRQ/JPT/38/26
2026-10-23 — Eni Completes Libya Gas Recovery Project
2026-10-23 — Libya-Turkey Maritime Deal Disrupts East-Med Dynamics
2026-10-23 — Libya: Hamada-Zawiya Crude Pipeline Closure
2026-10-23 — ADNOC's XRG Eyes Stake in Eni's Libya Oil and Gas Business
2026-10-22 — Carrying out the engineering works, supply, fabrication and commissioning of the submerged production system for the ‘H’ installation project and carbon dioxide
2026-10-22 — Libya Connects Product Growth with Artificial Intelligence (AI), Targets 2M BPD
2026-10-22 — Libya Ratifies Turkey Maritime Deal, Raising Stakes for Eastern Mediterranean Energy Projects
2026-10-22 — Meeting between "Arabian Gulf Oil Company" and "Overdrand" to discuss solutions for stabilizing electricity grids at oil fields
2026-10-22 — Arabian Gulf Oil Company honours its users participating in the NOVA conference and exhibition
2026-10-21 — Libya Offshore Gas Project Expansion and Subsea Pipeline Network to Deliver Gas to Europe
2026-10-21 — “Nothing is impossible for hope”… The annual awareness seminar gets underway
2026-10-21 — ‘Arabian Gulf Oil’ discusses with ‘SLB’ ways to overcome challenges and ensure the continuity of oil services
2026-10-21 — Strategic partnership between ‘Arabian Gulf Oil’ and ‘SLB’ to drive digital transformation and enhance operational processes
2026-10-21 — Bouri offshore gas recovery project nears startup offshore Libya
2026-10-20 — The United Nations discusses challenges in Libya’s oil and fuel sectors with the National Oil Corporation
2026-10-20 — Eni and Libya’s NOC Complete Bouri Gas Recovery Project to Cut Flaring and Boost Supply
2026-10-20 — Libya: Eni Completes Offshore Bouri Project to End Gas Flaring
2026-10-20 — Bouri Gas Project Offshore Libya Set for October Start-Up
2026-10-20 — Chairman of the Management Committee discusses the development of cooperation in oil services with a delegation from OiLSERV
2026-10-20 — ENI’s Bouri Gas Utilization Project Completed, to Supply ~70MMscf/d of Gas in Libya
2026-10-19 — Eni and Libya’s National Oil Corporation turning on the taps at African gas project
2026-10-19 — تدشين المراحل النهائية لمشروع استبدال خط الشحن الرئيسي السرير – طبرق (Q-87)
2026-10-19 — شركة الخليج العربي للنفط تعقد اجتماعها الدوري الثامن عشر لعام 2026
2026-10-19 — NOC and Brega Company Discuss Fuel Supply System and Infrastructure Development.
2026-10-18 — In a clarifying statement, the Central Bank confirms that the total oil revenues actually deposited into its accounts up to October 18 of this year have reached $934 million.