Details on Libya’s Oil Exploration Licenses Awarded to Foreign Firms

Libya has awarded oil exploration and production licenses to several major international energy companies, marking the first time in 17 years that the country has opened its oil sector to foreign investors.

The announcement came during a National Oil Corporation (NOC) ceremony in Tripoli last week, attended by Prime Minister Abdul Hamid Dbeibah, senior government officials, diplomats and representatives from the energy industry.

Among the companies awarded licenses were Chevron (USA), Repsol (Spain) in partnership with Turkish Petroleum, Italy’s Eni in a consortium with QE, Hungary’s MOL and Nigeria’s Aiteo. The firms will now have the opportunity to explore both onshore and offshore blocks across Libya, a country whose oil sector has been largely dormant since 2008.

Before this round, the NOC had actively worked to revive Libya’s oil sector, launching a global bidding process at the beginning of 2025. The initiative offered investment opportunities in 20 exploration blocks, including 9 offshore sites and 11 onshore areas. Comprehensive seismic surveys and technical studies were conducted in the areas to provide clear data for companies interested in participating in the bidding process.

Speaking at the ceremony, NOC Chairman Engineer Masoud Suleman highlighted the significance of the licensing round, saying it is expected to double Libya’s crude oil production, which reached a 12-year high of 1.37 million barrels per day in 2025.

“He noted that this achievement will lead to an economic revival that aims to steer the country toward stability and prosperity, while also safeguarding Libya’s crude oil reserves for future generations,” said NOC in a statement, seen by The Eastleigh Voice.

Further, Masoud emphasised that attracting major international companies to invest in Libya is a key part of the government’s “Return to Life” project, which seeks to rebuild the country’s institutions and economy after years of instability.

He similarly described the success of this licensing round as “a victory in restoring the world’s confidence in Libya’s ability to recover and develop its institutions in line with the rapid global developments in the energy sector.”

“The success of this round was not limited to the number and size of the companies that secured investment opportunities, but represents a broader achievement in demonstrating Libya’s readiness to engage with global energy markets,” Masoud said, according to the statement.