Libya Opens First Energy Exploration Tender in 17 Years
TLDR
- Libya has launched its first oil and gas exploration tender since 2007, aiming to draw back major international energy companies
- The bidding round will offer onshore and offshore blocks in key basins, including Sirte, Murzuq, and Ghadames
- The country’s oil production recently climbed to 1.4 million barrels per day, its highest level in years
Libya has launched its first oil and gas exploration tender since 2007, aiming to draw back major international energy companies after years of political instability and production disruptions, Oil Minister Khalifa Abdul Sadiq said.
The bidding round will offer onshore and offshore blocks in key basins, including Sirte, Murzuq, and Ghadames. Despite ongoing political divisions between rival governments, Libya, which holds Africa’s largest oil reserves, is pushing to revive its energy sector.
The country’s oil production recently climbed to 1.4 million barrels per day, its highest level in years. The government aims to boost output to 1.6 million barrels daily by 2025 through new exploration and the development of existing fields. International oil companies including Italy’s Eni, Spain’s Repsol, BP, and Austria’s OMV have recently resumed drilling in Libya after halting activities in 2014 due to security concerns.
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Key Takeaways
Libya’s new exploration push signals a renewed commitment to its oil sector, despite ongoing political uncertainty. The country’s strategic location and vast reserves make it an attractive investment target, but security risks remain a challenge for oil majors. If political stability improves, Libya could significantly increase oil exports, strengthening its position within OPEC and contributing to global supply. However, investors will likely weigh geopolitical risks before committing to large-scale projects.
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