- Libya has awarded new oil and gas exploration blocks to major international companies, including Chevron, Eni, QatarEnergy and Repsol.
- The licensing round signals renewed investor confidence and supports Libya’s target of producing two million barrels of oil per day by 2030.
Libya has awarded several oil and gas exploration blocks to international energy companies, including Chevron, Eni, QatarEnergy, and Repsol. The awards mark the country’s first major oil and gas licensing round in nearly two decades.
Libya’s National Oil Corporation announced the bid results on Wednesday, February 11. The company granted rights to acreage across the onshore Sirte and Murzuq basins. It also awarded offshore areas in the gas-prospective Cyrenaica region of the Mediterranean.
Chevron secured the Sirte S4 block. This gives the company a foothold in Libya’s most prolific hydrocarbon province. The Sirte Basin has historically produced more than 90% of Libya’s oil. The block sits within a mature petroleum system that hosts dozens of large and giant fields.
Eni and QatarEnergy jointly secured Offshore Area 01. The award strengthens a partnership that has grown steadily across the Mediterranean gas sector.
A separate consortium led by Repsol secured Offshore Area 07. The consortium includes Hungary’s MOL and Turkey’s state-owned TOPC.
Repsol and TOPC also secured the C3 block in the northeastern Sirte Basin. The area includes the giant Sarir field. It covers more than 8,000 square kilometres.
Further south, Nigeria’s Aiteo secured the M1 block in the Murzuq Basin. The award marks a major entry by an African independent company into Libya’s upstream sector.
The licensing round uses Libya’s investor-friendly EPSA V framework. The round attracted 37 prequalified companies. It supports Libya’s goal of reaching two million barrels per day by 2030.