Libya starts its first oil exploration tender in more than decade
(MENAFN) Libya has initiated its first oil exploration tender since the 2011 uprising that resulted in the removal and death of longtime ruler Muammar Gaddafi, according to reports. An official from the country’s National Oil Corporation (NOC) revealed that 37 major global oil companies are participating in this new round of bids.
The country is seeking to rejuvenate its oil industry, which has been frequently disrupted over the past decade by ongoing militia conflicts and political instability. Since Gaddafi’s fall, Libya has remained divided, with the internationally recognized Government of National Unity based in Tripoli and a competing Government of National Stability located in Benghazi.
Massoud Seliman, chairman of the state-owned NOC, confirmed that nearly all prominent international firms, such as US giants ExxonMobil and Chevron, France’s TotalEnergies, and Italy’s Eni, are contenders in this licensing process. These companies are competing for rights to 22 offshore and onshore oil blocks distributed throughout Libya, with contracts expected to be finalized by the end of 2025.
Libya boasts the largest proven oil reserves in Africa, estimated at around 48 billion barrels, which accounts for 41% of the continent’s total reserves as of 2024, according to the US Energy Information Administration. The country’s last bidding round was reportedly held in 2007, several years prior to the NATO-supported uprising. Libyan authorities have set an ambitious goal to increase daily oil production to two million barrels by 2030, which would exceed both the current output of about 1.4 million barrels per day and the 2006 peak of 1.75 million barrels under Gaddafi’s regime, according to available data.
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