Libya, Africa’s second-largest oil producer, is experiencing a strong revival as new crude reserves are discovered and international oil companies return to explore its vast energy potential.
The National Oil Corporation (NOC) announced recent breakthroughs in the Ghadames and Sirte Basins—discoveries that mark a major step in restoring Libya’s position as a powerhouse in the continent’s oil and gas industry.
According to Business Insider Africa, the NOC’s subsidiary, Arabian Gulf Oil Company (AGOCO), recently reported a new find in the Ghadames Basin near the Algerian border.
The H1-NC4 well is expected to produce about 4,675 barrels of crude oil and two million cubic feet of natural gas daily, signaling renewed growth after years of instability.
Don’t Miss This: Diarrha N’Diaye Appointed Executive Vice President of Kim Kardashian’s Skims Beauty
By late October, AGOCO’s total output had reached 310,000 barrels per day, reflecting a steady recovery in national production.
In the Sirte Basin, Austrian energy firm OMV achieved a significant breakthrough with a new exploratory well producing more than 4,200 barrels of oil and 2.6 million cubic feet of gas per day.
This marks OMV’s first major find in the area since 2008, underscoring the company’s return to Libya after more than a decade of absence following the unrest that followed Muammar Gaddafi’s fall.
The improved security environment has encouraged other international players to resume operations. Algeria’s Sonatrach has restarted drilling in the Ghadames Basin after a ten-year break, while Italy’s Eni has resumed offshore exploration in northwestern Libya.
In addition, the NOC has signed new agreements with BP and Shell to evaluate hydrocarbon potential in several fields, with BP planning to reopen its Tripoli office by the end of 2025.
Libya’s renewed stability and rising investment prospects have reignited foreign interest.
Earlier this year, the country launched its first oil and gas exploration tender since 2007, attracting major global energy firms including ExxonMobil, Chevron, TotalEnergies, and Eni—competing for 22 onshore and offshore blocks.
Despite challenges, Libya’s refinery network—comprising five major facilities in Zawiya, Ra’s Lanuf, Tobruk, Brega, and Sarir—remains the foundation of its petroleum industry.
While some plants have struggled with operational disruptions, they continue to drive the nation’s refining capacity and modernization efforts.
As Libya navigates the post-Gaddafi recovery era, its oil and gas sector is steadily regaining momentum.
With new discoveries, an improving investment climate, and a network of operational refineries, the North African nation appears poised for sustained growth and renewed influence in the global energy market.
