On Wednesday, Libya issued new oil exploration and production licenses to several foreign companies, marking the first time in 17 years such licenses have been granted. This decision comes after more than a decade of political instability in the hydrocarbon-rich nation, which is now seeking to attract major global energy companies back into its oil sector. The licenses were awarded to prominent players including US oil giant Chevron and Nigeria's Aiteo, alongside consortiums of other international firms such as Spain's Repsol in partnership with British Petroleum, and Eni North Africa with QatarEnergy.

The announcement was made by Masoud Suleman, head of the National Oil Corporation (NOC), who emphasized the importance of this move as a sign of renewed trust and institutional progress within Libya's vital oil industry. Suleman also assured that the NOC would operate with integrity and transparency, providing equal opportunities to all companies involved while focusing on maximizing national returns. This reflects an effort to stabilize one of Libya's most crucial sectors after facing significant challenges over the past years.

As Libya aims to increase its daily oil production by 850,000 barrels over the next 25 years, the granting of these licenses signifies a strategic step toward revitalizing the country's economy. Currently, Libya produces approximately 1.5 million barrels per day, and the involvement of major international companies is expected to reinvigorate investments and further exploration activities, ultimately enhancing Libya's position in the global energy market.