Libya Awards Oil Exploration Blocks to Foreign Firms in First Licensing Round Since 2007

Libya has awarded new oil and gas exploration licences to a group of foreign energy companies as it moves to revive upstream investment after years of political instability and production disruptions.

The country’s National Oil Corporation (NOC) announced the outcome of its first licensing round in nearly two decades, with winning bidders including Chevron, Aiteo, Eni, QatarEnergy and several international consortia involving Repsol, BP, MOL Group and Turkiye Petrolleri.

The move signals renewed efforts by Libyan authorities to attract global energy companies back into the sector following a prolonged period of conflict and investor caution that has weighed on exploration activity since 2011.

Only five of the 20 blocks offered were awarded, reflecting continued concerns among investors over security risks, political divisions and uncertainty around institutional governance in the country’s oil industry.

Libya remains split between rival administrations in the east and west, while recurring disputes over oil revenues and the central bank have repeatedly disrupted production across key fields.

The licensing round follows a separate long-term agreement with TotalEnergies and ConocoPhillips aimed at boosting crude output over the next 25 years. Authorities are targeting an additional 850,000 barrels per day, from current production of about 1.4 million bpd.

Officials indicated that the new bidding process used a more flexible and investor-friendly contract framework intended to improve participation and revive exploration activity. Plans are also underway to review bidding terms further and engage companies for blocks that were not allocated.

Libyan authorities say the latest awards form part of a broader push to restore confidence in the oil sector, rebuild institutional operations and reposition the country as a competitive destination for upstream investment.