The Movement of the Enterprises of France (MEDEF) has disclosed plans to hold a Libyan-French Energy Forum on June 21, saying that Libya is an energy giant with unexplored potential that needs huge investments.

According to MEDEF, the oil and gas forum will take place in partnership with the French-Libyan Chamber of Commerce and with the support of the National Oil Corporation.

The French-Libyan Energy Forum will bring together representatives of major Libyan energy companies, including those affiliated with the National Oil Corporation, the bloc said in a statement Saturday.

"The event will shed light on the political, economic, and financial situation in Libya, besides gathering the experiences of French companies operating in the energy sector in Libya and help recognize business opportunities in the national market."

 According to MEDEF's data, Libya's oil and gas reserves amount to 48 billion barrels and 53 trillion cubic feet, making the country the largest reservoir and third producer in Africa.

In 2021 oil revenues accounted for about 98% of the total revenues of the Libyan government, according to Libya's Central Bank.

MEDEF pointed to the Libyan government's efforts to diversify energy sources and exploit the country's solar and wind energy potential.

In October 2021, a delegation representing MEDEF arrived in Libya for the first time in nearly a decade to discuss plans for holding a business forum on investment and signing contracts in the field of reconstruction.