Libya has opened its first oil and gas exploration tender since the 2011 uprising, attracting interest from major global energy players including Chevron Corp., TotalEnergies SE, Eni SpA, and ExxonMobil.
As reported by Business Insider Africa, a total of 37 international firms are competing for exploration rights, signaling renewed confidence in Libya’s energy sector after years of instability.
The National Oil Corporation (NOC) Chairman, Massoud Seliman, confirmed that the bidding process marks a major shift in Libya’s post-conflict recovery strategy, as the country seeks to revitalize its oil industry and attract critical foreign investment.
Libya, an OPEC member with Africa’s largest proven oil reserves, last held such a tender in 2007, prior to the civil unrest that followed the ousting of Muammar Qaddafi.
The country aims to ramp up oil production to 2 million barrels per day by 2030, surpassing the 1.75 million peak seen under Qaddafi.
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Current output hovers around 1.4 million barrels daily.
Under the new tender terms, winning firms will cover upfront exploration costs, including seismic studies, and can recover investments if commercial oil reserves are found.
NOC is also seeking approval for a $3 billion development budget to raise production to 1.6 million barrels per day within a year.
A portion of the funds will support joint ventures like Akakus Oil Operations—operator of the Sharara field and partner to firms such as TotalEnergies, Repsol SA, OMV AG, and Equinor ASA.
Image Credit: Sofokleous10
