Libya holds Africa's largest proven oil reserves, estimated at 48.4 billion barrels, which ranks among the top 10 globally. With production levels reaching around 1.2 million barrels per day (bpd), Libya is one of the largest oil producers in the world. Crude oil exports account for over 90% of government revenue and 95% of total exports.

Libya’s economy is heavily reliant on oil, which accounts for approximately 60% of gdp equivalent to $30.29 billion and over 90% of government revenue (world bank, 2024). With an estimated growth of about 6.2% reaching to $34.71 billion in 2025 (afdb, 2024).

With a very ambitious Libyan Marshall Plan, the government is significantly empowering rehabilitation of all Libyan sectors starting - of course - with oil & gas (BP and ENI have already resumed exploration), having the largest reserves in Africa & being one of the Big5 countries that have the richest oil reserves in the Middle East.

Oil production: before the 2011 uprising, Libya produced around 1.6 million barrels per day (BPD). In 2023, production fluctuated around 1.2–1.3 million BPD, depending on political stability & infrastructure conditions. The country mainly exports crude oil to Europe, Asia, & other global markets. National Oil Corporation (NOC) is the state-owned company responsible for managing Libya’s oil sector, including exploration, extraction, & export of oil & natural gas.

Natural gas: Libya has proven substantial natural gas reserves of approximately 53 trillion cubic feet, which are primarily located near the country’s oil fields. The country exports natural gas through pipelines to Europe, as well as to other regional markets. The Libyan Gas Company (GECOL) manages the country’s natural gas network, which feeds both domestic power plants & export facilities.

There are keen governmental efforts & plans to increase production capacity to 2 million bpd by modernizing facilities & attracting foreign investment. Potential for increased natural gas development to diversify exports & meet growing demand in Europe is amidst energy diversification efforts.