Libya Grants Foreign Companies Oil Exploration Licences After Nearly Two Decades

Libya has approved new oil exploration and production licences for several foreign firms for the first time in 17 years, marking a significant step after more than a decade of political instability.

The National Oil Corporation (NOC) on Wednesday announced the winners of its first licensing round since 2007, allocating key acreage across onshore and offshore blocks.

Among the companies granted licences were Nigeria’s Aiteo, Africa’s largest privately owned energy company, and U.S. oil major Chevron.

Other successful bidders included several consortia: Spain’s Repsol with BP, Eni North Africa with QatarEnergy, and a separate consortium comprising Repsol, Hungary’s MOL Group and Türkiye Petrolleri.

However, only five of the 20 blocks offered received bids for exploration and production.

The NOC did not disclose the cost of the licences but said another bidding round would be launched later this year.

Libya holds Africa’s largest proven oil reserves, estimated at 48.4 billion barrels, and is currently producing about 1.5 million barrels per day.

The licensing awards signal renewed efforts to attract major global energy companies back to the country, as foreign investors had remained cautious following Libya’s descent into conflict in 2011 that led to the overthrow of longtime ruler Muammar Gaddafi.