Libya has officially awarded its first oil and gas exploration licenses to foreign companies in 17 years, marking a major turning point for the country’s energy sector and signaling renewed investor confidence after years of political and security instability.
The announcement was made in Tripoli during a ceremony attended by Chairman of the National Oil Corporation Masoud Suleiman, who described the licensing round as more than a routine administrative step, calling it a “return of trust” in Libya’s oil institutions and a clear sign that the country is regaining its position in global energy markets.
The international bidding round covered 20 exploration blocks, both onshore and offshore. Five licenses were awarded, while the 11 offshore blocks did not receive successful bids. Suleiman announced that a technical committee will be formed to negotiate improved terms with potential investors for offshore areas, adding that a new licensing round is planned later this year.
Among the major winners was U.S. energy giant Chevron, which secured a block in the Sirte Basin in eastern Libya. France’s TotalEnergies had also submitted a bid for the same area. Other awarded licenses went to international consortia, including Spain’s Repsol with the UK’s BP, Italy’s Eni with QatarEnergy, and a partnership combining Repsol, Turkish Petroleum, and Hungary’s MOL Group. Nigeria’s Aiteo secured the fifth block.
Libya holds Africa’s largest proven oil reserves, estimated at 48.4 billion barrels. Current production stands at around 1.5 million barrels per day, with authorities aiming to raise output to 2 million barrels daily in the coming years.
The previous licensing round was held in 2007–2008, before the 2011 uprising that ended the rule of Muammar Gaddafi. Officials say the new awards reflect a broader strategy to revive the oil sector, attract foreign investment, and strengthen Libya’s economic recovery.
