Libya NOC Names Winners of Latest Oil Exploration Bidding Round

The National Oil Corporation (NOC) of Libya has officially announced the winners of its first public oil and gas exploration bidding round in over 17 years. Held at the Rixos Hotel in Tripoli, the milestone event awarded prime investment opportunities to major international energy firms, including Chevron, Eni, and Repsol. Supported by the Government of National Unity's "Return to Life" initiative, this strategic move aims to double the nation's crude oil production, restore global investor confidence, and revitalise the Libyan economy.

Key Highlights

• Global Giants Return: Five leading international energy companies and consortia secured exploration rights, signalling a massive restoration of global confidence in Libya’s energy sector.

• Strategic Blocks Awarded: The successful bidders include a consortium of Repsol and Turkish Petroleum, MOL Hungary, Eni partnered with QatarEnergy, Chevron (USA), and Aiteo (Nigeria).

• Decade-Plus Hiatus Ended: This marks the first successful licensing round since exploration was halted over 17 years ago, ending a long period of stagnation for the country's upstream sector.

• Economic Revival: NOC Chairman Masoud Suleman emphasised that attracting these major investments will help double Libya’s current crude oil production, injecting vital revenue into the economy while safeguarding reserves for future generations.

By the Numbers

Metric / Category	Data / Figure	Context
Exploration Hiatus	17 Years	The duration during which public oil and gas exploration bidding had been halted in Libya prior to this round.
Total Blocks Offered	20	The initial investment opportunity comprised 9 offshore and 11 onshore/near-territory blocks.
Major Winners	5	The number of international companies and consortiums awarded exploration rights.
Target Output Growth	2x (Double)	The NOC's ambitious goal to double Libya's crude oil production as a direct result of these new investments

Main Takeaway

Libya's successful bidding round is more than just a series of technical contract awards; it is a powerful declaration of the country's return to the global energy stage. By adopting transparent procedures and attracting top-tier international oil companies, Libya is laying the groundwork for doubled production, economic stabilization, and a robust, modernized energy sector.

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