Africa’s largest oil reserve holder, home to a new 45 million-barrel discovery, gathers Europe and North America professionals to expand another crucial sector

Libya, holder of Africa’s largest proven oil reserves and the site of a newly identified 45 million-barrel find, is using its energy wealth to accelerate a push into agricultural development. Government officials from the Ministry of Agriculture and Animal Resources staged the third Libya International Exhibition for Agricultural and Livestock Development and Supplies in Tripoli, a three-day event that gathered 55 local and foreign companies and specialists from Canada, Italy, Turkey, Egypt, Jordan and Tunisia to showcase modern irrigation, machinery and livestock equipment.

"Attendees toured the exhibition stands after the ceremony, viewing engineering solutions and technologies aimed at supporting agricultural development, improving production and strengthening food security," organisers said.

Key facts from Tripoli and recent energy developments

• Proven oil reserves: "Libya holds Africa’s largest proven oil reserves, estimated at 48.4 billion barrels, ranking ninth globally."
• New discovery: Austrian energy company OMV identified a new well with studies indicating recoverable resources of up to 45 million barrels; OMV holds a 12% stake in the C103 concession area.
• Operator: The Zueitina Oil Company has been named to lead reservoir development, leveraging nearby infrastructure to speed transition to production.
• Economic reliance: Petroleum supplies over 90% of government revenue, even as agriculture is promoted to boost food security and diversify income.
• Event scale: The international agricultural exhibition ran three days and featured 55 exhibitors from across Europe, North America and the region.
• Production and revenues: The country produces figures cited of over 43 million barrels in a recent period and revenues topping $2 billion.

Officials and academics from the University of Tripoli took part in lectures and specialised workshops designed to modernise local farming practices. Delegates demonstrated irrigation technologies, agricultural machinery and livestock equipment intended to raise yields and strengthen domestic food supplies. The exhibition mixed private-sector stands with technical sessions aimed at transferring know‑how from international firms to local operators and institutions.

On the energy side, OMV's technical evaluations of the C103 concession point to meaningful recoverable volumes. The presence of established infrastructure and the appointment of Zueitina Oil Company as reservoir developer are intended to shorten the timeline from discovery to production. Analysts noted the new find complements Libya's already vast deposits and could support government revenues while authorities pursue diversification.

Outlook

Combining new oil development with agricultural modernisation is presented by Libyan officials as a dual-track strategy: bolster immediate fiscal stability through hydrocarbon exploitation while investing oil proceeds to mitigate long-term dependence on a single sector. If recoverable volumes in the C103 area move quickly into production under Zueitina's oversight, the government could see additional revenue streams to fund infrastructure and agricultural technology transfers. Success will depend on implementation: turning exhibited technologies into sustained rises in domestic production and ensuring hydrocarbon revenues are channelled efficiently into diversification projects rather than widening the state's exposure to oil price volatility.