- Libya will announce the companies selected for new oil and gas concessions between February and March 2026.
- Libya holds about 48.4 billion barrels of proven crude oil reserves, the largest in Africa and nearly 3 per cent of global reserves, according to the U.S. Energy Information Administration (EIA).
Libya will announce the companies selected for new oil and gas concessions between February and March 2026, the National Oil Corporation (NOC) said. These will be the first exploration licenses awarded in 18 years.
The tender covers around 20 blocks, both onshore and offshore. Several major international oil companies are among the pre-qualified bidders. The licensing process, launched in 2024, is nearing completion with the evaluation of technical and financial bids.
Libya holds about 48.4 billion barrels of proven crude oil reserves, the largest in Africa and nearly 3 per cent of global reserves, according to the U.S. Energy Information Administration (EIA).
Years of political fragmentation and institutional instability have prevented any new exploration round for almost two decades and continue to weigh on the development of the country’s oil resources.
With the award of the new blocks, Libyan authorities aim to fund seismic surveys and exploration drilling. Over the medium term, these efforts are intended to attract more partners to the sector and strengthen production, which is currently around 1.4 million barrels per day.
As reported by Ecofin Agency in October 2025, the upcoming award of new licenses coincides with Libya’s recently announced goal to increase oil output to 1.6 million barrels per day by the end of 2026, returning to its pre-2011 crisis level.
Two crude oil discoveries made in early November in the Sirte and Ghadames basins by Austria’s OMV and the Arabian Gulf Oil Company (AGOCO), respectively, have improved the prospects of reaching this target. AGOCO is a subsidiary of the NOC.
Meeting these objectives will depend on the level of investment mobilised. Oil and gas remain central to Libya’s economy. These energy sources accounted for about 68 per cent of GDP, 97 per cent of exports and more than 90 per cent of fiscal revenues in 2024, according to the African Development Bank.