Libya's state-owned National Oil Corporation (NOC) has announced the results of its first oil and gas licensing tender since 2007, covering both onshore and offshore blocks (NOC press release, 11/02/2026).
- The tender included about 20 blocks (9 offshore and 11 onshore near Libyan borders) supported by seismic surveys and technical studies to provide clear data for bidding companies.
- These 20 exploration blocks are estimated to hold 10 billion barrels of available resources and 18 billion barrels yet to be discovered (Bloomberg, 11/02/2026).
- Only five of the 20 blocks received valid bids, with Libyan officials pledging improvements for the next round.
- Five international companies secured exploration opportunities: the Repsol and Turkish Petroleum consortium, MOL Hungary, the Eni and QatarEnergy consortium, another Repsol/Turkish partner group, plus Chevron (USA) and Aiteo (Nigeria).
Exploration in Libya had been halted for over 17 years until the NOC revived it in early 2025 via a bidding round promoted through roadshows in major countries. The NOC plans to review invalid bids on other blocks for ongoing talks with investors and assess unbid areas to refine terms for a future round.
Energy officials aim to raise crude output to 2 million b/d by 2030, offering enhanced production-sharing agreements with better fiscal terms, simplified cost recovery, and clearer profit splits.
Libya currently produces around 1.2 mb/d and holds Africa's largest proven oil reserves, estimated at 48 billion barrels (Enerdata Global Energy & CO2 Data).
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