TRIPOLI, Feb 12 – Libya’s National Oil Corporation has awarded oil and gas exploration rights to five foreign companies, including Chevron, Eni and QatarEnergy, in its first licensing round since 2007, as the country seeks to revive upstream activity.
The NOC allocated five of the 20 blocks offered, covering onshore areas in the Sirte and Murzuq basins and offshore acreage in the Sirte basin in the Mediterranean. NOC Chairman Massoud Suleman said differences over drilling commitments and participation stakes led to several blocks remaining unawarded, adding that authorities may negotiate over areas that received no bids.
Chevron secured the Sirte S4 exploration licence, marking its entry into one of Libya’s most productive onshore basins. Eni and QatarEnergy won Offshore Area 01 in the Sirte basin. A consortium of Repsol, Hungary’s MOL and Turkey’s state owned TPOC obtained Offshore Area 07 in the same basin. In the Murzuq basin, Nigerian company Aiteo secured the M1 licence.
Libya produces about 1.5 million barrels of crude oil per day, according to official figures, and holds Africa’s largest proven oil reserves at an estimated 48.4 billion barrels. Oil exploration activity had slowed for more than 17 years before the 2025 bidding round reopened 20 blocks, including nine offshore and 11 onshore.
The awards follow a 25 year oil development agreement signed last month with TotalEnergies and ConocoPhillips. The NOC said the results of the round will inform future contract terms as it seeks to attract further international investment into the sector.
