Libya has issued new oil exploration and production licences to foreign companies for the first time in 17 years, aiming to revitalize its oil sector and increase production significantly.
For the first time in 17 years, Libya has issued new oil exploration and production licences to several foreign companies, marking a significant step towards revitalizing its oil sector after over a decade of political instability. The initiative aims to attract major global energy firms back into a nation that is rich in hydrocarbons while targeting an ambitious goal of boosting daily oil production by 850,000 barrels over the next 25 years. This comes after a lengthy period during which the country's oil sector faced challenges due to political unrest and institutional breakdown.
Notable companies that won licences in the recent bidding round include American oil giant Chevron and Nigeria's Aiteo, alongside consortiums such as Spain's Repsol partnered with British Petroleum and Hungary's MOLGroup, as well as Eni North Africa collaborating with QatarEnergy. This development signifies a potential shift in Libya’s oil industry, indicating a revival of trust and institutional functionality in one of the country’s most crucial economic sectors after a prolonged period of inactivity. According to Masoud Suleman, head of the National Oil Corporation (NOC), this move is about ensuring
