Libya Grants Foreign Oil Companies Exploration Licences. Tripoli, Libya — Libya has awarded new oil exploration and production licences to several foreign companies for the first time in 17 years, according to the National Oil Corporation (NOC).
The move aims to attract major global energy players and increase daily oil production by 850,000 barrels over the next 25 years.
The latest licensing round included US oil giant Chevron and Nigeria’s Aiteo, along with consortiums involving Spain’s Repsol with British Petroleum, Repsol with Hungary’s MOLGroup, and Eni North Africa with QatarEnergy. Officials commented on the matter. Libya currently produces around 1.
5 million barrels a day, holding Africa’s largest oil reserves at an estimated 48. 4 billion barrels.
The NOC chief promised “integrity, transparency, equal opportunities “and to “maximise national returns.”.
The oil industry has faced significant challenges in the country, which remains divided after a NATO — backed revolt that toppled and killed long-time leader Muammar Gaddafi in 2011.
The recent announcements, according to Suleman, are part of a broader national path aiming for prosperity, growth, and the return of normalcy. Last month, Libya signed agreements worth more than $20 billion with TotalEnergies and ConocoPhillips to boost oil production within 25 years.
The NOC had opened bids for 20 oil blocks, 11 of which were offshore, but none received offers.
On Wednesday, five blocks were licensed, with another licensing round expected later this year. Further details are expected as the NOC continues to engage with international energy companies in an effort to rebuild the nation’s oil sector.
