Khaberni - In a pivotal step towards revitalizing the national economy, the Libyan National Oil Corporation announced the conclusion of the final stage of the public tender round for exploration, with global companies winning investment opportunities in 20 land and marine blocks, marking the first time in over 17 years.
The event witnessed the opening of envelopes containing bids from competing companies, resulting in five of the most prominent international names in the energy sector winning, including a consortium of the Spanish company «Repsol» with a Turkish partner, Hungarian company «MOL», a consortium of Italian «Eni» with «Qatar Energy», alongside American «Chevron», and Nigerien company «ATEO».
This diverse presence – from Europe and the United States to Africa – reflects a return of international interest in the Libyan market, driven by the country's large untapped oil reserves, especially in marine areas.
In his speech during the occasion, the Chairman of the Libyan National Oil Corporation, Engineer Masoud Suleiman, described the success of the round as a «major turning point» in the course of developing the Libyan oil sector, affirming that resuming exploration would pave the way for future production increases, enhance state revenues, and support economic stability.
He explained that the round is not only about awarding exploration blocks but represents a strategic step in repositioning Libya on the global energy map, ensuring sustainable management of oil wealth to preserve the rights of future generations.
He added that the return of major companies after years of hiatus reflects the regained confidence of the international community in the Libyan National Oil Corporation, and in Libya's ability to operate according to global professional standards, noting that this confidence would have a direct positive impact on national economic indicators.
It is noted that oil exploration in Libya had ceased for over 17 years, before the Libyan National Oil Corporation launched a new round at the beginning of 2025, which included a promotional campaign in several world capitals.
During the round, the corporation offered 20 exploration blocks, consisting of 9 marine blocks and 11 land blocks in contiguous areas, following the execution of seismic surveys and advanced technical studies, which provided a precise database for companies interested in investing.
With the announcement of the round's results, Libya enters a new phase of exploring its «hidden oil», in an effort to transform untapped wealth into a developmental lever that enhances stability and restores the country to its traditional position as one of the leading oil producers in Africa and the Mediterranean basin.
