Western majors competing for oil exploration rights in Libya
Libya wants to revive its oil sector, which has faced repeated disruptions for over a decade due to militia violence and political rivalries. The African country remains deeply fractured, divided between the UN-recognized Government of National Unity based in the capital, Tripoli, and the rival Government of National Stability in the eastern city of Benghazi, following Gaddafi's demise.
Massoud Seliman, chairman of the state-run oil firm (NOC) said almost all 'well-known international companies,' including US multinationals ExxonMobil and Chevron, French energy giant TotalEnergies, and Italy's Eni are among the firms competing in the licensing round.
He said they are vying for 22 offshore and onshore blocks across the country, adding that contracts with successful bidders are expected to be signed by the end of 2025.
The country holds Africa's largest proven oil reserves, with an estimated 48 billion barrels – representing 41% of the continent's total as of 2024 – according to the US Energy Information Administration (EIA). However, it reportedly last held a bidding round in 2007, four years before the NATO-backed uprising. Authorities aim to raise daily oil output to two million barrels before 2030, up from the current level of around 1.4 million barrels a day, and surpassing the 1.75 million-barrel peak recorded under Gaddafi in 2006, Bloomberg data suggests.
On Wednesday, the NOC chairman said the company was awaiting approval of a development budget of about $3 billion to help increase output to 1.6 million barrels per day within a year. Part of the funding will go toward developing companies such as Akakus, which operates Libya's largest oil field, Sharara, in partnership with TotalEnergies and other foreign firms, including Repsol SA, OMV AG, and Equinor ASA, as well as Libyan state-owned entities, Seliman said.
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Western majors competing for oil exploration rights in Libya
Libya has launched its first energy exploration tender since the NATO-backed 2011 uprising that ousted and killed long-time leader Muammar Gaddafi. Thirty-seven international oil giants are taking part, an official of the North African country's National Oil Corporation (NOC) told Bloomberg in an interview published on Wednesday. Libya wants to revive its oil sector, which has faced repeated disruptions for over a decade due to militia violence and political rivalries. The African country remains deeply fractured, divided between the UN-recognized Government of National Unity based in the capital, Tripoli, and the rival Government of National Stability in the eastern city of Benghazi, following Gaddafi's demise. Massoud Seliman, chairman of the state-run oil firm (NOC) said almost all 'well-known international companies,' including US multinationals ExxonMobil and Chevron, French energy giant TotalEnergies, and Italy's Eni are among the firms competing in the licensing round. He said they are vying for 22 offshore and onshore blocks across the country, adding that contracts with successful bidders are expected to be signed by the end of 2025. The country holds Africa's largest proven oil reserves, with an estimated 48 billion barrels – representing 41% of the continent's total as of 2024 – according to the US Energy Information Administration (EIA). However, it reportedly last held a bidding round in 2007, four years before the NATO-backed uprising. Authorities aim to raise daily oil output to two million barrels before 2030, up from the current level of around 1.4 million barrels a day, and surpassing the 1.75 million-barrel peak recorded under Gaddafi in 2006, Bloomberg data suggests. On Wednesday, the NOC chairman said the company was awaiting approval of a development budget of about $3 billion to help increase output to 1.6 million barrels per day within a year. Part of the funding will go toward developing companies such as Akakus, which operates Libya's largest oil field, Sharara, in partnership with TotalEnergies and other foreign firms, including Repsol SA, OMV AG, and Equinor ASA, as well as Libyan state-owned entities, Seliman said.
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