Libya's oil reserves total 47-billion barrels and could reach significantly higher levels, said Prime Minister Shukri Ghanem on Wednesday.
Until now, Tripoli has said its proven oil reserves stood at 36-billion barrels.
"Western companies have begun to flow into Libya in search of contracts, especially in the petroleum sector, and we are working to facilitate the administrative formalities" to encourage them to invest, said Ghanem.
He added that investment projects are open to all potential investors, adding that Libya would not give preference to companies from any particular country.
"Whoever makes the best offer will get the priority," he explained.
In September, Ghanem said Tripoli had set out terms for foreign companies to obtain oil exploration rights for 15 blocs in Libya and its offshore waters, using a transparent bidding process aimed at wooing foreign investment.
More recently, he said Libya aimed to double its oil production to three million barrels a day by 2010. Libya estimates this will cost around $30-billion in investment, to be shared by Tripoli and foreign partners.
United States President George Bush lifted most sanctions against Libya in April and promised to deepen diplomatic ties to reward Tripoli for its decision last year to renounce its quest for weapons of mass destruction.
However, US sanctions related to Libya's alleged support for terrorist groups remain in place. - Sapa-AFP
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