Libya is preparing to draw several hundred million dollars in new oil and gas investment as it opens exploration and development licences for the first time in more than 17 years. The Opec member plans to award contracts next year, targeting higher production and renewed relevance in European energy markets.
More than 30 international companies, including BP, ExxonMobil, TotalEnergies, Eni and Shell, have qualified to bid for 22 onshore and offshore blocks. Authorities aim to lift output to two million barrels per day by 2030, from about 1.4 million currently.
Energy analysts say offshore blocks in the Sirte Basin could significantly boost investment totals. The move supports Libya’s economic recovery, with hydrocarbons accounting for nearly 95 per cent of exports and state revenue.
