Libya is reportedly asking for US oil companies to return to the oil-rich country, according to Bloomberg. Libya’s oil minister, Mohamed Aoun, stated that he hopes U.S. corporations will return to Libya, even though Libya’s oil infrastructure is in desperate need of repairs and modifications.

Libya, which has Africa’s largest oil reserves, announced in March 2021 that it would increase oil production to 1.45 million bpd by the end of the year, 1.6 million bpd in two years, and 2.1 million bpd in four years. However, as of August, production has remained mostly flat this year, sitting at 1.163 million bpd after numerous setbacks on its path to a production ramp-up.

Protests and other security-related difficulties, such as faction infighting, as well as rusted pipelines that produced leaks, are among the obstacles. Budget restrictions, on the other hand, have hampered output, putting Libya’s ambitious aspirations to boost production on hold.

Oil profits are Libya’s practically exclusive source of foreign revenue. Libya will need to expand its oil production by 40% next year to make ends meet, according to its central bank, which has called this increase “imperative.”

Libya’s current goal is to persuade global oil corporations that the country is stable enough for them to invest in Libya’s massive oil reserves, although there is still more territory to be explored.