Libya Launches Aggressive Campaign to Dethrone Nigeria as Africa’s Oil Production Leader
Libya’s state-owned National Oil Corporation has unveiled an ambitious strategy to challenge Nigeria’s dominance in African oil production, revealing massive untapped reserves and actively courting major U.S. energy companies for a historic comeback.
The North African nation disclosed staggering hydrocarbon wealth during high-level negotiations with Chevron in London, including 4 billion barrels of undeveloped conventional oil reserves, approximately 18 billion barrels of shale oil, and 123 trillion cubic feet of natural gas. Libya’s current output has already surged to 1.38 million barrels per day in August, continuing a strong upward trajectory that’s rapidly closing the gap with Nigeria’s approximately 1.5 million bpd production. The country is targeting an aggressive goal of 2 million barrels per day by 2028.
After opening 22 new oil and gas blocks for the first time in 17 years and securing a memorandum of understanding with ExxonMobil, Libya has proposed a comprehensive $70 billion strategic partnership with the United States covering energy, mining, and infrastructure development.
Chevron confirmed “serious interest in returning to the Libyan market after an absence since the last oil tender of the previous decade,” with company representatives indicating that Libya’s technical and economic proposals will undergo review by senior management. The aggressive expansion plans represent Libya’s boldest attempt in over a decade to reclaim its position as Africa’s premier oil producer, directly challenging Nigeria’s long-held supremacy despite that country’s ongoing struggles with pipeline sabotage, maintenance delays, and chronic underinvestment.
Source: libyaobserver.ly, libyaherald.com
