Libya is making a return to the international oil and gas scene, launching its first major exploration licensing round in nearly 20 years.
Top global energy companies such as ExxonMobil, Chevron, TotalEnergies, and Eni have already shown interest in the country’s renewed push to revive its petroleum sector.
Masoud Suleman, Chairperson of Libya’s National Oil Corporation (NOC), said nearly 40 multinational firms have expressed interest in bidding for exploration blocks, a major step in Libya’s recovery following years of conflict.
This is Libya’s first significant oil and gas tender since the 2011 uprising that removed Muammar Gaddafi from power and plunged the nation into over a decade of political chaos and violence.
The last international bidding round took place in 2007 under Gaddafi’s government.
Libya’s current offering includes 22 exploration blocks, split evenly between onshore and offshore locations.
Some of these areas are believed to contain previously unexploited hydrocarbon deposits.
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Suleman noted that 37 of the world’s leading oil companies have formally indicated interest.
Libya currently produces between 1.3 and 1.4 million barrels of oil per day, but the NOC plans to increase that figure to 2 million barrels per day within the next three years, provided the necessary foreign investment comes through.
The contracts will follow a Production Sharing Agreement (PSA) model, with signing expected before the end of 2025.
After years of pulling back from operations in Libya, major international players are starting to return.
In 2024, British Petroleum (BP) and Italy’s Eni resumed drilling activities in the Ghadames Basin, working alongside the Libyan Investment Authority.
U.S.-based oilfield services company Weatherford also made a comeback in 2025 after being absent for over ten years.
According to the NOC, Libya holds about 91 billion barrels of untapped oil and gas reserves, making it one of North Africa’s most promising but least explored energy regions.
While there is growing interest from industry giants, the success of this licensing round will depend heavily on political stability, improved security, and investor confidence.
Turning exploration into real production will take not only financial backing but also reforms in governance and upgrades to infrastructure.
Libya’s decision to re-engage with global energy firms could mark a turning point for its economy, offering a chance to boost state revenue and restore its standing in the global oil and gas sector.
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