Major Oil Companies Return to Libya
Update: 2025-11-26
Description
Major oil and gas companies are returning to Libya, a decade after leaving due to civil war, as the country launches its first bid round for oil and gas exploration in eighteen years. Libya is offering twenty-two blocks for exploration and development, with eleven offshore and eleven onshore, all believed to hold huge untapped resources close to existing infrastructure. The return is happening amid a relatively calm security situation this year, with companies like ExxonMobil, Chevron, Eni, Repsol, Shell, and TotalEnergies lining up to participate. Libya is also introducing new, more attractive financial conditions for production sharing agreements to entice these international majors. The countrys National Oil Corporation aims to boost oil production to two million barrels per day within the next three years, potentially reshaping its role in the global energy landscape.
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